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<br />4 <br />subordinate lien upon said revenues. A parity or prior lien may be <br />created only with written consent of the Registered Holder of the <br />Warrant. <br /> <br />Section 11: Ratification and Approval of Prior Action. <br /> <br />All actions heretofore taken by the officers, agents. and <br />employees of the City consistent with the provisions of this <br />Ordinance relating to the authorization, issuance and delivery of <br />said Warrant shall be and the same are hereby ratified, approved <br />and confirmed. <br /> <br />Section 12: Amendment. <br /> <br />Any limitation in this Ordinance relating to the Warrant <br />authorized herein may be waived or modified by the written consent <br />of the registered holder of the Warrant. <br /> <br />Section 13: Ordinance Irrepealable. <br /> <br />After the Warrant herein authorized is issued and sold, this <br />Ordinance shall be and remain irrepealable until the Warrant shall <br />be fully paid, cancelled and discharged as herein provided. This <br />Ordinance may be amended with the written consent of the registered <br />holder of the Warrant. <br /> <br />Section 14: Warrant Registration. <br /> <br />The Warrant shall be registered on the books of the City in <br />the name of the holder, and may not be sold or negotiated unless <br />the City is advised and the registration amended. <br /> <br />Section 15: Special Tax Covenants <br /> <br />The City covenants to and for the benefit of the Registered <br />Owners of the Warrants that it will not take any action, or fail to <br />take any action if any such action or failure to take action would <br />adversely affect the exclusion from gross income or the interest on <br />the Warrants under section 103 of the Internal Revenue Code of <br />1986, as amended (the !lIRe"), including, but not limited to, the <br />following: <br /> <br />(i) Arbitrage. The City will not directly or indirectly use <br />or permit the use of any proceeds of the Warrants or any other <br />funds of the City in such a manner, or take or omit to take any <br />action, that would cause the Warrants to be "arbitrage bonds" <br />within the meaning of section 149(a) of the IRC. To that end, the <br />City will comply with all requirements of section 148 of the IRe to <br />the extent applicable to the Warrants. In the event that at any <br />time the City is of the opinion that for purposes of this <br />paragraph. it is necessary to restrict or limit the yield on the <br />investment of any moneys held by the City under this Ordinance I the <br />City shall take such action as may be necessary. <br /> <br />900~ <br /> <br />V.L18:U dO X.LI::> <br /> <br />9LL9 tL9 OL6 XVd 61:81 661LOIZ1 <br />