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2003 Bond Ordinance. Said defeasance and call for redemption of the Refunded Bonds shall be <br /> irrevocable after the final establishment of the escrow account and delivery of the Acquired <br /> Obligations to the Escrow Agent. <br /> The Escrow Agent is hereby authorized and directed to provide for the giving of notices <br /> of the redemption of the Refunded Bonds in accordance with the applicable provisions of the <br /> 2003 Bond Ordinance. The Chief Financial Officer is authorized and requested to provide <br /> whatever assistance is necessary to accomplish such redemption and the giving of notices <br /> therefor. The costs of publication of such notices shall be an expense of the City. <br /> The Escrow Agent is hereby authorized and directed to pay to the paying agent for the <br /> Refunded Bonds, sums sufficient to pay, when due, the payments specified in of subsection(a) <br /> above. All such sums shall be paid from the money and Acquired Obligations deposited with <br /> said Escrow Agent pursuant to this section, and the income therefrom and proceeds thereof. <br /> The City will take such actions as are found necessary to ensure that all necessary and <br /> proper fees, compensation and expenses of the Escrow Agent shall be paid when due. <br /> Section 8. Tax Covenants; Special Designation. The City covenants that it will not <br /> take or permit to be taken on its behalf any action that would adversely affect the exemption from <br /> federal income taxation of the interest on the Bonds and will take or require to be taken such acts <br /> as may reasonably be within its ability and as may from time to time be required under applicable <br /> law to continue the exemption from federal income taxation of the interest on the Bonds. <br /> (a) Arbitrage Covenant. Without limiting the generality of the foregoing, the City <br /> covenants that it will not take any action or fail to take any action with respect to the proceeds of <br /> sale of the Bonds or any other funds of the City which may be deemed to be proceeds of the <br /> Bonds pursuant to Section 148 of the Code and the regulations promulgated thereunder which, if <br /> -20- P:\20287 CMWM20287 9RD 08/14/12 <br />