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execute, acknowledge and deliver in the name and on behalf of <br /> the City a Loan Agreement in substantially the form submitted <br /> to this City Council, which is hereby approved in all respects. <br /> Section 8. Acceptance of Series 1985 Note. In connection <br /> with the Series 1985 Bond, the City accepts as security for <br /> such Series 1985 Bond the Series 1985 Note of the Company. The <br /> Series 1985 Note shall be in substantially the form attached <br /> as Exhibit B to the Loan Agreement and shall be secured as provided <br /> in the Loan Agreement. <br /> Section 9. Effect of Agreements. The Mayor and City Clerk <br /> be and they are each hereby authorized and directed, in the <br /> name and on behalf of the City, to execute any and all instruments, <br /> perform any and all acts, approve any and all matters, and do <br /> any and all things deemed by them, or any of them, to be necessary <br /> or desirable in order to carry out the purposes of this Bond <br /> Ordinance (including the preambles hereto) , the acquisition <br /> and construction of the Project by the Company the issuance <br /> and sale of the Series 1985 Bond, and the securing of the Series <br /> 1985 Bond under the Indenture, including, without limitation, <br /> execution of the certificates to evidence the Bond is not an <br /> arbitrage bond within the meaning of Section 103 (c) of the Internal <br /> Revenue Code and execution of closing certificates. <br /> All covenants, stipulations, obligations and agreements <br /> of the City contained in this Bond Ordinance and contained in <br /> each of the agreements or other documents authorized by this <br /> Bond Ordinance shall be deemed to be the covenants, stipulations, <br /> obligations and agreements of the City to the full extent authorized <br /> or permitted by law, and such covenants, stipulations, obligations <br /> and agreements shall be binding upon the City and its successors <br /> from time to time and upon any body to which any powers or duties <br /> affecting such covenants, stipulations, obligations and agreements <br /> shall be transferred by or in accordance with law. Except as <br /> otherwise provided in this Bond Ordinance, all rights, powers <br /> and privileges conferred and duties and liabilities imposed <br /> upon the City by the provisions of this Bond Ordinance, and <br /> by each of the agreements or other documents authorized by this <br /> Bond Ordinance shall be exercised or performed by the City or <br /> by such officers, board or body as may be required by law to <br /> exercise such powers and to perform such duties. <br /> All covenants, stipulations, promises, agreements and obigations <br /> of the City contained herein and in each of the agreements and <br /> other documents authorized by this Bond Ordinance shall be deemed <br /> to be covenants, stipulations, promises, agreements and obligations <br /> of the City and not of any member, officer or employee of the <br /> 7 <br /> MRORD <br /> _— _— <br />