Ordinance 2562-01 - Laserfiche WebLink

signature of the City Clerk, and shall have the seal of the City impressed, imprinted or otherwise reproduced thereon. In case either or both of the officers who have signed or attested the Notes cease to be such officer before such Notes has actually been issued and delivered, such Notes shall be valid nevertheless and may be issued by the City with the same effect as though the persons who had signed or attested such Notes had not ceased to be such officers, and the Notes may be signed or attested on behalf of the City by officers who at the date of actual execution of the Notes are the proper officers, although at the nominal date of execution of the Notes such officer was not an officer of the City. Only a Note that bears a Certificate of Authentication in the form set forth in Section 8, manually executed by the Note Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication shall be conclusive evidence that the Notes so authenticated has been duly executed, authenticated and delivered and is entitled to the benefits of this ordinance. Section 12. Tax Covenant; Special Designation. The City covenants to undertake all actions required to maintain the tax-exempt status of interest on the Notes under Section 103 of the Code as set forth in the Arbitrage and Tax Certification that will be executed at the closing of the Notes. The City hereby designates the Notes as "qualified tax-exempt obligations" under Section 265(b)(3) of the Code for banks, thrift institutions and other financial institutions. The City does not expect to issue more than $10,000,000 in qualified tax-exempt obligations during calendar year 2002. Section 13. Sale of the Notes. The Council hereby accepts and approves the Bank's offer dated (ref* , 2001, to renew the line of credit secured by the Notes on the terms set forth -12- P\CMW\CMW54B 01/11/20