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Refunding of Prior Bonds. If it is determined by the City Manager and the Chief Financial Officer, or either of them, to be in the best interest of the City, the City Manager and the Chief Financial Officer, or either of them, is authorized to (a) approve the issuance of the Bonds and the aggregate principal amount of such Bonds (not to exceed the maximum mount set forth in paragraph 1) sufficient to provide for the redemption of such maturities of the Prior Bonds as such officer or officers may determine and to provide for the redemption or payment at maturity of such portion of the Prior Bonds and (b) enter into an Escrow Agreement with an escrow agent to be selected by the Chief Financial Officer providing for the deposit and investment of such portion of the proceeds of the Bonds to be applied to the payment o£the Prior Bonds to be redeemed on the earliest redemption date or at maturity, as appropriate. Non-Arbitrage Certificate and Tax Covenants. The City Manager and the Chief Financial Officer, or either of them, are authorized and directed to execute a Non-Arbitrage Certificate and Tax Covenants setting forth the expected use and investment of the proceeds of the Bonds and containing such covenants as may be necessary in order to comply with the provisions of the Code, including the provisions of Section 148 of the Code and applicable regulations relating to "arbitrage bonds." The City Council covenants on behalf of the City that all of such proceeds will be invested and expended as set forth in the City's Non-Arbitrage Certificate and Tax Covenants and that the City will comply with the other covenants and representations contained therein. Disclosure Documents. The Chief Financial Officer and the City Manager, or either of them, and such officers and agents of the City as either of them may designate are hereby authorized and directed to prepare, execute, if required, and deliver an appropriate preliminary official -7-