Ord84 1903 - Laserfiche WebLink

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and interest on the Notes. Any moneys remaining in the Repayment Fund after the Notes and the interest thereon have been paid, or provision for such payment has been made, shall be transferred to the City General Fund. Secti on 8. Deposit and Investment of Fund. All moneys held by the City in the Repayment Fund, if not invested, shall be held in time or demand depos its of public funds and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount required by law. Moneys in the Repayment Fund, to the greatest extent possible, shall be invested in investment securities by the Finance Di rector or Ci ty Treasurer, as permi tted by the laws of the State of California as now in effect and as hereafter amended, modified or supplemented from time to time, and the proceeds of any such investments shall be deposited in the Repayment Fund and shall be part of the Pledged Revenues. Section 9. Executi on of Notes. The Fi nance Di rector of the City i s hereby authorized to execute the Notes by manual signature, and the City Clerk of the City is hereby authorized to countersign the same by facsimile signature and to affi x the seal of the Ci ty thereto by facs i mi 1 e impress i on thereof, and said offi cers are hereby authori zed to cause the blank spaces thereof to be filled in as may be appropriate. Section 10. Covenants and Warranties. It is hereby covenanted and warranted by the City that all representations and recitals contained in this Ordinance are true and correct, and that the City and its appropriate officials have duly taken all proceedings necessary to be taken by them, and wi 11 take any additional proceedings necessary to be taken by them, for the prompt collection and enforcement of the taxes, revenue, cash receipts and other moneys pledged hereunder in accordance with law and for carrying out the provisions of this Ordinance. Section 11. Arbitrage Covenant. This Council, as governing body of the Ci ty of Redwood Ci ty, the issuer of the Notes, hereby covenants that it will make no use of the proceeds of the Notes wh i c h wou 1 d cause the Notes to be "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended; and, to that end, so long as any of the Notes are outstanding, the issuer, with respect to the proceeds of the Notes, and a 11 officers having custody or control of such proceeds, sha 11 comp 1 y with all requirements of said section and of the regulations of the United States Department of the Treasury thereunder, to the extent that such regulations are, at the time, applicable and in effect, so that the Notes will not be "arbitrage bonds. II Section 12. Pre par a ti on of Notes; Official Action. Jones Hall Hi 11 & White, A Professional Law Corporation, as bond counsel to the City, is directed to cause suitable Notes to be prepared showing on their face that the same bear interest at the rate aforesaid, and to cause the blank spaces therein to be filled in to comp 1 y with the provisions of thi s Ordi nance in accordance with the Purchase Contract, and to procure their execution by the 3 ~.",._" y