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<br />. . <br /> <br />. ~ <br /> <br />~an-Oa-gg 11=51A F;rst National Bank Ouray 1 970 325 4300 <br /> <br />P.04 <br /> <br />After this Warrant is issued and sold, the said Ordinance No. 15, 1998 shall <br />be end remain irrBpeala.b1e until the Warrant shall be fullV paid, canceJed and <br />discharged as herein provided. The said Or{iinance may be amended with the <br />written consent of the registered holder of the Warrant. <br /> <br />The City covenants, to and for the benefit of the Registeicd OvvTIa:'3 of -::hls <br />Warrant, that it will not take any action, or fail to take any action, if any suc;n <br />action or failure to take action would adversely affect the exclusion from gross <br />Income of the interest on the Warrant under section 103 of the Internal Revenue <br />Cede of 19S5, as amended !th@.MIRCMl r including, but not limited to,. the following: <br /> <br />{i} Arbitrage. The City will not directly OJ'' ;ndliactly use or permit the use <br />of any proceeds of thiS Warrant or any other funds of the City in such Ci man:-.ar, Cl' <br />take or omit to take any action, that would cause the Warrant to be an .ar"bii.rage <br />bondM within the meaning of section 149(a) of the IRC. To that end, the City will <br />comply with all requirements of section 148 of the IRC to the extent applicable to <br />this Warrant. In the event that at any time the City is of the opinion that for <br />pU;pGSSS of this paragrep!'l, it is necessary to restrict Qr limit the Yield on the <br />investment of any monBYs hsk~ by ths City under this Warrant, the C!ty shall take <br />such action as may be necessary. <br /> <br />(it> Registration. The City shall take all necessary action to have this <br />Warrant registered within the meaning. of section 149(a) of the IRC and any <br />regulations promulgated thereunder. <br /> <br />iiii} Federal Guaraiites Piohibition. The City shall not t~~s any action Q!" <br />permit or suffer any action to be taKsn if the ri:sult of the same would be to c;;uss <br />this Warrant to be -federally guaranteed" within the meaning of section 149[bj of <br />the IRe and any regulatioi:\s. promulgated thereunder. <br /> <br />(iv) Information Reporting. The City shall timely file a federal information <br />retum w:th :'ElSp2ct to this Warrant as required bV section 14.9(e) of the lRC. <br /> <br />Notwithstanding any provision of this paragraph, ttic City may rely COi1c!us:~~ly on <br />an opinion of bond counsei in complying, or in any deviation from complying, with <br />the provisions hereof. <br /> <br />The City hereby designates this Warrant to be a "qualified tax-exempt <br />obligation" fo!' purposes of sBGtlon 265(bH3) of the IRC. The City hereby certifies <br /> <br />3 <br /> <br />010~ <br /> <br />V.L'13<I dO liD <br /> <br />9LL8 tL8 OL6 YVd 16:81 66/LO/Z1 <br />