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changes, modifications, additions, or deletions therein from <br />the form and content of the Contract of Purchase now before <br />this meeting and that, from and after the execution and <br />delivery of the Contract of Purchase, the Mayor is hereby <br />authorized, empowered and directed to do all such acts and <br />things and to execute all such documents as may be necessary <br />to carry out and comply with the provisions of the Contract <br />of Purchase as executed. <br /> <br /> 9. The City covenants with the holders of the <br />Certificates of Participation that it will make no use of the <br />proceeds from the sale of the Certificates which will cause <br />any of the Certificates to be "arbitrage bonds" subject to <br />federal income taxation by reason of Section 103(c) of the <br />Internal Revenue Code of 1954, as amended. To that end, so <br />long as any of the Certificates of Participation are <br />outstanding, the City and the Trustee shall comply with all <br />requirements of Section 103(c) and of all regulations of the <br />United States Department of the Treasury issued thereunder, <br />to the extent that such requirements are at the time <br />applicable and in effect. <br /> <br /> 10. The City covenants that, for so long as the <br />Certificates of Participation remain outstanding, the City <br />will provide for the payment of its obligation under the <br />Lease-Purchase Agreement prior to the provision for all other <br />obligations of the City payable from the general fund of the <br />City, to the extent legally permissible, or from other <br />legally available City funds. <br /> <br /> 11. In taking the actions hereinabove specified, the <br />City Council finds and determines as follows: <br /> <br /> (a) The buildings, facilities, structures and <br />other improvements which comprise the Project are of <br />benefit to the project area of the Santa Ana <br />Redevelopment.Project. <br /> <br /> (b) No other reasonable means of financing such <br />buildings, facilities, structures and other improvements <br />are available to the City of Santa Ana. <br /> <br /> (c) The consideration for the lease and sale of <br />the real property which is the subjgct of the Lease- <br />Purchase Agreement is not less than fair market value in <br />accordance with covenants and conditions governing such <br />lease and sale. <br /> <br />-4- <br /> <br /> <br />