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deposit . Before the City contracts for the purchase or sale of <br /> Nonpurpose Investments pursuant to an investment contract , the <br /> City shall obtain at least three competitive bids for the <br /> investment contract form disinterested person and satisfy all <br /> other applicable requirements under the 1986 Code in connection <br /> therewith. <br /> Section 8. Payment of Penalty to Preserve Tax-Exemption <br /> for Bonds. The City shall exercise all due care to ensure that <br /> it complies with Arbitrage Rebate Requirements of Section 148 <br /> of the 1986 Code and the provisions of this ordinance ( as this <br /> ordinance may be amended from time to time) so that the <br /> tax-exemption may be preserved for interest on any of its Bonds <br /> heretofore or hereafter issued that either are or may become <br /> subject to Arbitrage Rebate Requirements. In the event , <br /> however, that the City for any reason fails to comply with <br /> Arbitrage Rebate Requirements applicable to an Issue of Bonds, <br /> the City shall, to the extent permitted by law, pay the penalty <br /> provided by Section 148( f) (7) (C) of the 1986 Code if required <br /> to prevent a loss of the tax-exemption for interest on any <br /> Bonds of that issue . <br /> \242, <br /> //AC._ <br /> WILLIAM E. MOORE, MAYOR <br /> ATTEST: <br /> CITY CLERK <br /> Passed : (p _ a 427 <br /> Valid : <br /> Published: (p /U - 7 <br /> - 11 - <br />