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<br />Section 103(c) of the Code, and the City will not take any deliberate action <br />motivated by arbitrage that would have such result. <br /> <br />(e) Proper officers of the City charged with the responsibility of issuing <br />the Bonds are hereby directed to make, execute and deliver certifications as to <br />facts, estimates and circumstances in existence as of the Closing Date and stating <br />whether there are any facts, estimates or circumstances that would materially <br />change the City's current expectations. <br /> <br />(f) The City will comply with Section 148(f) of the Code (relating to <br />paying certain earnings on investments of proceeds of the Bonds to the United <br />States) and the regulations promulgated thereunder. <br /> <br />(g) The Bonds are hereby designated "Qualified Tax Exempt Obligations" <br />for purposes of Section 265 of the Code. The Bonds are not "private activity bonds" <br />as defined in the Code and neither the City nor any of its subordinate entities, if <br />any, reasonably expect to issue in excess of $10,000,000 aggregate amount of <br />Qualified Tax Exempt Obligations during the calendar year in which the Bonds are <br />issued, and the City hereby covenants not to designate more than $10,000,000 <br />aggregate amount of Qualified Tax Exempt Obligations during this calendar year in <br />which the Bonds are issued. <br /> <br />(h) The covenants and representations made or required by this <br />Sectionare for the benefit of the Bondholders and may be relied upon by the <br />Bondholders and bond counsel for the City. <br /> <br />(i) In the event that the City hereafter proposes to issue obligations <br />payable in whole or in part from taxation, bearing variable or floating interest rates, <br />the portion or portions of each such issue bearing such variable or floating rates <br />shall be considered as bearing interest at the lesser of (i) the maximum rate <br />permissible under then current Texas law or (ii) the maximum variable or floating <br />rate or rates permitted by the proceedings authorizing such obligations, for the <br />purpose of determining the City's legal ability to issue such obligations within its <br />maximum permissible tax rate. <br /> <br />ARTICLE X <br />DEFAULT AND REMEDIES <br /> <br />Section 10.01. Events of Default. <br /> <br />Each of the following occurrences or events for the purpose of this Ordinance <br />is hereby declared to be an "Event of Default," to-wit: <br /> <br />0) the failure by the City to make payment of the principal of <br />or interest on any of the Bonds when the same becomes due and payable; or <br /> <br />1659f <br /> <br />-25- <br />