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. ' �.a�;t,'t)r � <br /> � <br /> .i.;, ; ,�'' <br /> Section 7. That after the effective date hereof, the <br /> bonds herein authorized shall be executed and delivered to the <br /> Treasurer of the City and be by him delivered to Van Kampen <br /> Merritt Inc. , Naperville, Illinois , the purchaser thereof, upon <br /> receipt of the purchase price therefor, same to be not less than <br /> $12, 441 ,000 plus accrued interest to the date of delivery, that <br /> the contract for the sale of the Bonds to said purchaser, heretofore <br /> entered into , be and the same is hereby in all respects ratified, <br /> approved and confirmed, that it is hereby found and determined <br /> that said contract is in the best interests of the City and that <br /> no person holding any office of the City, either by election or <br /> by appointment, is in any manner interested, either directly or <br /> indirectly, in his own name or in the name of any other person, <br /> association, trust or corporation, in said contract for the <br /> purchase of the Bonds, and that the Official Statement, dated <br /> June 14, 1983, and prepared for the City by said purchaser with <br /> respect to the Bonds be and the same is hereby approved f or <br /> distribution by said purchaser and the Director of Finance of <br /> the City is hereby authorized and directed to execute and deliver <br /> such Official Statement. <br /> Section 8. That the City covenants that it will take <br /> no action in the investment of the proceeds of the Bonds which I <br /> would result in making the interest on any of the Bonds subject <br /> to federal income taxes by reason of such Bonds being classified <br /> as "arbitrage bonds" within the meaning of Section 103 (c) of the <br /> Internal Revenue Code of 1954, as amended. <br /> -15- <br />