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by facsimile, the Bonds shall not he valid until signed at the foot thereof by the manual siO nature <br />of the Registrar. <br />9. Tax Compliance Agreement. Such officers of the City as may be requested are <br />authorized and directed to execute and deliver a non - arbitrage certificate and tax compliance <br />agreement (the "Tax Compliance Agreement ") with VRA in a form to be approved by the officers <br />of the City executing such document, whose approval shall be evidenced conclusively by the <br />execution and delivery thereof. <br />10. Arbitrage Covenants. The City covenants that it shall neither take nor omit to take <br />any action the taking or omission of which will cause the VRA Bonds to be "arbitrage bonds" <br />within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code "), <br />or otherwise cause interest on the VRA Bonds to be includable in the gross income of the registered <br />owner thereof under existing law. Without limiting the generality of the foregoing, the City shall <br />comply with any provision of the Tax Compliance Agreement that may require the City at any <br />time to rebate to the United States any part of the earnings derived from the investment of the gross <br />proceeds of the Bonds, unless the City receives an opinion of nationally recognized bond counsel <br />that such compliance is not required or no longer required to prevent interest on the VRA Bonds <br />from being included in the gross income for federal income tax purposes of the registered owners <br />thereof under existing law. The City shall pay any such required rebate from legally available <br />funds. <br />11. Official Statement. The City authorizes and consents to the inclusion if necessary <br />of information with respect to the City contained in VRA's Preliminary Official Statement and <br />VRA's Official Statement in final form, both prepared in connection with the sale of the VRA <br />-7- <br />