Ord 1979-019 - Laserfiche WebLink

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proceeds of the Certificates at any time throughout the term of this issue of Certificates, which, if such use had been reasonably expected on the date of delivery of the Certificates to and payment for the Certificates by the purchaser would have caused the Certifi- I cates to be arbitrage bonds within the meaning of Section l03(d) of the Internal Revenue Code of 1954, as amended, or any regulations or rulings pertaining thereto; and by this covenant the City is obligated to comply with the requirements of the aforesaid Section l03(d) and all applicable and pertinent Department of the Treasur- regulations relating to arbitrage bonds. The City further covenants that the proceeds of the Certificates will not otherwise be used directly or indirectly so as to cause all or any part of the Certifi- cates to be or become arbitrage bonds within the meaning of the aforesaid Section l03(d), or any regulations or rulings pertaining thereto. Section 18. That the fact that the proceeds from the sale of the Certificates are needed without delay in order to permit the I City to enter into pending contracts for necessary improvements to the City's airport to be paid from such proceeds creates an emergency and an urgent public necessity relating to the preservation of the public peace, health and safety, requiring that the Charter rule which requires that ordinances be read on three separate days be dis- pensed with; and said Charter rule is hereby accordingly dispensed with, and this ordinance is passed as an emergency measure, to take effect and be in force and effect from and after its passage. PASSED AND APPROVED this 30th day of April, 1979. 7:~09~cos, Texas ATTEST: I c~JtM:/j . San Marcos, Texas (CITY SEAL) APPROVED: