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<br />103(d) of the Internal Revenue Code of 1954, as amended, or any <br /> <br />regulations or rulings pertaining thereto; and by this covenant <br /> <br />the City is obligated to comply with the requirements of the <br />aforesaid Section 103(d) and all applicable and pertinent Depart- <br /> <br />ment of the Treasury regulations relating to arbitrage bonds. <br /> <br />1 <br /> <br />The City further covenants that the proceeds of the Certificat<~s <br /> <br />will not otherwise be used directly or indirectly .so as to cause <br /> <br />all or any part of the Certificates to be or become arbitrage <br /> <br />bonds within the meaning of the aforesaid Section 103(d), or any <br /> <br />regulations or rulings pertaining thereto. <br /> <br />Section 18. That the fact that the proceeds from the <br /> <br />sale of the Certificates are need without delay in order to permit <br /> <br />the City to enter into pending contracts for necessary improvements <br /> <br />to the City's airport to be paid from such proceeds creates an <br /> <br />emergency and an urgent public necessity relating to the preserva- <br />tion of the public peace, health and safety, requiring that the <br /> <br />Charter rule which requires that ordinances be read on three <br /> <br />1 <br /> <br />separa'te days be dispensed with; and said Charter rule is hereby <br /> <br />accordingly dispensed with, and this ordinance is passed as an <br /> <br />emergency measure, to take effect and be in force and effect <br /> <br />from and after its passage. <br /> <br />PASSED AND APPROVED this 12th day of September, 1977. <br /> <br />~~~: <br /> <br />ayor, City of an Marcos, Texas <br /> <br />ATTEST: <br /> <br />jt~ :ti~L <br /> <br />City Secretary, City of <br />San Marcos, Texas <br /> <br />(CITY SEAL) <br /> <br />I <br /> <br />APPROVED: <br /> <br /> <br />~bL~ <br /> <br />City Attorney, C~ty of <br />San Marcos, Texas <br />