10189-12 Authorizing Issuance & sale of additional revenue bonds to provide funds 2012 Sewage Works Construction Fund

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• (c) The City will not take any action or fail to take any action with respect to the 2012 Bonds that would result in the loss of the exclusion from gross income for federal income tax purposes of interest on the 2012 Bonds pursuant to Section 103 of the Code, including, without limitation, the taking of such action as is necessary to rebate or cause to be rebated arbitrage profits on 2012 Bond proceeds or other monies treated as 2012 Bond proceeds to the federal government as provided in Section 148 of the Code, and will set aside such monies, which may be paid from investment income on funds and accounts, in trust for such purposes. (d) The City will file an information report,Form 8038-G with the Internal Revenue Service as required by Section 149 of the Code. (e) The City will not make any investment or do any other act or thing during the period that any 2012 Bond is outstanding hereunder which would cause any 2012 Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations applicable thereto as in effect on the date of delivery of the 2012 Bonds. The City will not take any action or fail to take any action with respect to the 2012 Bonds that would result in the loss of the exclusion from gross income for federal income tax purposes of interest on the 2012 Bonds pursuant to Section 103(a) of the Code, and the City will not act in any manner which would adversely affect such exclusion. Notwithstanding any other provisions of this Ordinance, the foregoing covenants and authorizations (the "Tax Covenants") which are designed to preserve the exclusion of interest on the 2012 Bonds from gross income under federal income tax law (the "Tax Exemption") need not be complied with if the City receives an opinion of nationally recognized bond counsel that any Tax Covenant is unnecessary to preserve the Tax Exemption. SECTION 21. Amendments. Subject to the terms and provisions contained in this section, and not otherwise, the owners of not less than sixty-six and two-thirds per cent (66- 2/3%) in aggregate principal amount of the 2012 Bonds then outstanding shall have the right, from time to time, anything contained in this Ordinance to the contrary notwithstanding, to consent to and approve the adoption by the City of such ordinance or ordinances supplemental hereto as shall be deemed necessary or desirable by the City for the purpose of modifying, altering, amending, adding to or rescinding in any particular any of the terms or provisions contained in this Ordinance, or in any supplemental ordinance; provided, however, that nothing herein contained shall permit or be construed as permitting: (a) An extension of the maturity of the principal of or interest or premium, if any, on any 2012 Bond or an advancement of the earliest redemption date on any 2012 Bond; or (b) A reduction in the principal amount of any 2012 Bond or the redemption premium or the rate of interest thereon, or a change in the monetary medium in which such amounts are payable; or (c) The creation of a lien upon or a pledge of the revenues of the Sewage Works ranking prior to the pledge thereof created by this Ordinance; or - 19 -