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I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />heretofore presented to the City Council; and the Mayor and City <br />Administrator are authorized to execute the Loan Agreement and the <br />Disbursing Agreement in the name of and on behalf of the City and <br />such other documents as Bond Counsel consider appropriate in <br />connection with the issuance of the Note. In the event of the <br />absence or disability of the Mayor or City Clerk-Treasurer, such <br />officers of the City as, in the opinion of the City Attorney, may <br />act in their behalf shall, without further act or authorization of <br />the City Council, do all things and execute all instruments and <br />documents required to be done or executed by such absent or <br />disabled officers. <br /> <br /> Section 505. Non Arbitrage Covenant <br /> <br /> The City covenants and agrees that it will not and the <br />Borrower will not make or permit any use and directs the Lender <br />not to make any use of the proceeds of the Note which, if such use <br />had been reasonably expected on the day of the issuance of the <br />Note, would have caused the Note to be an "arbitrage bond" within <br />the meaning of Section 103(d) of the Internal Revenue Code of <br />1954, as amended, and applicable regulations promulgated from time <br />to time thereunder, and further covenants that it and the Borrower <br />will observe and not violate the requirements of Section 103(c) of <br />said Code and any such applicable regulations'to the extent <br />necessary so that the interest on such Note will not cease to be <br />exempt from fed'ertl income tax by reason of such use of proceeds. <br />The Lender may request and shall be entitled to receive and to <br />rely upon a written opinion of counsel recognized on the subject <br />of municipal bonds as to the conformity of any use or p~oposed use <br />of the proceeds of the Note with the requirements of said Section <br />103(d) and regulations. <br /> <br />Section 506. Effective'Date'of Resolution <br /> <br /> This Resolution shall take effect immediately upon the <br />adoption hereof according to law. <br /> <br />Adopted: November 24, 1981 <br /> <br />Mayor of the City of <br /> Ramsey <br /> <br />City Clerk-Treasurer of the City <br />of Ramsey <br /> <br />16 <br /> <br /> <br />