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<br />II. Refundin!2: of Prior Bonds. If it is determined by the City Manager and the Chief <br /> <br /> <br />c.inancial nt.ticer, or either of them, to be in the best interest of the City, the City Manager and <br /> <br /> <br />the Chief Financial Officer, or either of them, are authorized (a) to approve the issuance of the <br /> <br />Refunding Bonds and the aggregate principal amount of such Refunding Bonds (not to exceed <br /> <br />the maximum amounts set forth in paragraph I) sufficient to provide for the redemption or <br /> <br />payment at maturity of such maturities of the Prior Bonds as such officer or officers may <br /> <br />determine and to provide for the redemption or payment at maturity of the Prior Bonds and (b) to <br /> <br />enter into lll1e or more escrow agreements with one or more escrow agents to be selected by the <br /> <br />Chief Financial Ofticer (the "Escrow Agents") providing for the deposit and investment of such <br /> <br />portilln of the procceds of the Refunding Bonds to be applied to the payment of such Prior Bonds <br /> <br />to be redeemed on the earliest redemption date or at maturity, as appropriate. The Escrow Agents <br /> <br />llr slIch llther party as the Chief Financial Officer may designate, are hereby authorized to <br /> <br />:;ubscribe and purchase United States Treasury Securities, State and Local Government Series <br /> <br />(SLGS) on behalf of the City. <br /> <br />12. Non-Arbitra!2:e Certificate and Tax Covenants. The City Manager and the Chief <br /> <br />Financial Ofticer, or either of them, are authorized and directed to execute a Non-Arbitrage <br /> <br />Certii1catc and Tax Covenants setting forth the expected use and investment of the proceeds of <br /> <br />the Series 2006A Bonds and the Series 2006C Notes and containing such covenants as may be <br /> <br />necessary in order to comply with the provisions of the Internal Revenue Code of 1986, as <br /> <br />amended (the "Code"), including the provisions of Section 148 of the Code and applicable <br /> <br />regulations relating to "arbitrage bonds." The City Council covenants on behalf of the City that <br /> <br />all llf sllch prllceeds will be invested and expended as set forth in the City's Non-Arbitrage <br /> <br />-10- <br />