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<br /> and that the accomplishment of the projects for which the Bonds are <br /> hereby issued will proceed with due diligence to completion; that it <br /> is not reasonably expected that the proceeds of the Bonds or money <br /> deposited in the Interest and Sinking Fund will be used or invested <br /> 1.n a manner that would cause the Bonds to be or become "arbitrage <br /> bonds," within the meaning of Section 148 of the Code; and that, <br /> except for the Interest and Sinking Fund, no other funds or accounts <br /> have been established or pledged to the payment of the Bonds. <br /> (d) The City will not take any action or fail to take any <br /> action with respect to the investment of the proceeds of the Bonds <br /> or any other funds of the City, including amounts received from the <br /> investment of any of the foregoing, that, based upon the facts, <br /> estimates, and circumstances known on the Closing Date, would result <br /> in constituting the Bonds "arbitrage bonds," within the meaning of <br /> Section 148 of the Code, and the City will not take any deliberate <br /> action motivated by arbitrage that would have such result. <br /> (e) The City will comply with the provisions of Section <br /> 148(f) of the Code (relating to paying certain excess earnings of <br /> investment proceeds of the Bonds to the United States) and the <br /> regulations promulgated thereunder. <br /> (f) The City will not take any action or fail to take any <br /> action which would result in the Bonds being treated as "private <br /> activity bonds" within the meaning of Section 141(a) of the Code. <br /> (g) The City will not take any action or fail to take any <br /> action which would result in the Bonds being treated as "federally <br /> guaranteed" within the meaning of Section 149(b) of the Code. <br /> (h) Proper officers of the City charged with the <br /> responsibility of issuing the Bonds are hereby directed to make, <br /> execute and deliver certifications as to facts, estimates and <br /> circumstances in existence as of the Closing Date and stating <br /> whether there are any facts, estimates or circumstances that would <br /> materially change the City's current expectations. <br /> (i) The covenants and representations made or required by <br /> this Section are for the benefit of the Owners and may be relied <br /> upon by the Owners and Bond Counsel for the City. <br /> ARTICLE X <br /> DEFAULT AND REMEDIES <br /> Section 10.01. Events of Default. <br /> Each of the following occurrences or events for the purpose of <br /> this Ordinance is hereby declared to be an "Event of Default," <br /> to-wit: <br /> 4327f <br /> -27- <br />