Ordinances-1975-68

(3) work on the said facilities has proceeded and is expected to proceed with due diligence to completion; (4) said facilities have not been and are not expected to be sold or otherwise disposed of in whole or in part prior to the last maturity of said bonds; (5) all of the principal proceeds of the bonds are needed for the purpose stated in the form of bond above set out, including expenses incidental to such purpose and to the issuance of the bonds; and (6) to the best of the knowledge and belief of the Council there are no facts, estimates or circumstances that would materially change the conclusions and representations set out in this section. Said Council also certifies and further covenants with the purchasers and holders of said bonds from time to time outstanding that so long as any of said bonds remain outstanding, moneys on deposit in any fund or account in connection with said bonds, whether or not such moneys were derived from the proceeds of the sale of said bonds or from any other sources, will not be used in a manner which will cause such bonds to be "arbitrage bonds" within the meaning of Section 103(d) of the Internal Revenue Code of 1954, as amended, and any lawful regulations promulgated or proposed thereunder, including Sections 1.103-13 and 1.103-14 of the Income Tax Regulations (26 CFR Part 1), as the same presently exist, or may from time to time hereafter be amended, supplemented or revised. The Council reserves the right, however, to make any investment of such moneys permitted by state law if, when and to the extent that said Section 103(d) or regulations promulgated thereunder shall be repealed or relaxed or shall be held void by final decision of a court of competent jurisdiction, but only if any investment made by virtue of such repeal, relaxation or decision would not, in the