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• <br /> shall not cause the City to exceed any statutory or <br /> constitutional debt limits . <br /> Section 8 . Lease Not an Arbitrage Bond. The City hereby <br /> certifies that on the basis of the facts, estimates and <br /> circumstances in existence on this date, it is not expected that <br /> the Property will be used in a manner that would cause the Lease <br /> or any certificates of participation therein to be "arbitrage <br /> bonds" under Section 148 of the United States Internal Revenue <br /> Code of 1986, as amended, and all regulations relating thereto. <br /> The City covenants that it will comply with said Section 148 and <br /> the regulations thereunder in effect from time to time, as long <br /> as the Lease or any certificates of participation therein remain <br /> outstanding. <br /> The City covenants that it will not take any action or <br /> permit any action to be taken that would cause the Lease <br /> authorized hereunder to constitute a private activity bond under <br /> Section 141 of the United States Internal Revenue Code of 1986, <br /> as amended. <br /> Section 9. Ratification of Past Acts . All actions <br /> heretofore taken by city officers, staff, and agents consistent <br /> with the terms and purposes of this Ordinance are hereby <br /> ratified, confirmed and approved. <br /> Section 10 . Effective Date. This ordinance shall be in <br /> full force and effect from and after its adoption and publication <br /> as required by law. <br /> -7- DOT041.DOC 93/06/16 <br />