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and Associates, the purchaser thereof, upon receipt of the purchase <br /> price therefor, same to be not less than the par amount of said bonds, <br /> a premium of $ 36. 00 , plus accrued interest to date of <br /> delivery, the contract for the sale of said bonds to said purchasers, <br /> heretof ore entered into, be and the same is hereby in all respects <br /> ratified, approved and confirmed. <br /> Section 7. That the proceeds received from the sale <br /> of the bonds herein authorized shall be used solely and only for <br /> the purpose for which the bonds were authorized. <br /> The Council of said City further covenants and agrees <br /> with the purchaser and holders of the bonds herein authorized <br /> that so long as any of said bonds remain outstanding, the said <br /> City of Decatur and any of its officers will take no action in <br /> the investment of funds which may be to the credit of any of the <br /> funds provided for in this ordinance, which action would result <br /> in making the interest payable on any of said bonds herein author- � <br /> ized sub�ect to federal income taxes by reason of said bonds <br /> being classified as "arbitrage bonds" within the meaning of <br /> Section 103 ( c) of the Internal Revenue Code of 1954, as amended, <br /> and any regulations promulgated or proposed thereunder, including <br /> Sections 1.103-13 and 1. 103-14 of the Income Tax Regulations <br /> (26 CFR Part 1 ) , as the same presently exist, or may from time to <br /> time hereafter be amended. The said Council reserves the right <br /> for its proper officers to make any investment of such monies <br /> permitted by state law if, when and to the extent that said <br /> -12- <br />