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411 • evidencing the payment of the purchase price of the Note, which receipt shall be conclusive evidence that said purchase price has been paid and has been received by the City, and (c) a certificate attesting to the use of the proceeds of the Note, the investment thereof, and any other matters relating to the tax exemption of the Note pursuant to Section 103(c) of the Internal Revenue Code of 1954, as amended. Any purchaser or subsequent take or holder of the Note is hereby authorized to rely upon and shall be justified in relying upon any such certificate or receipt with respect to the Note executed pursuant to the authority of this resolution. Such officers and any other officers of the City are hereby authorized to execute any and all other documents required to consummate the sale and delivery of the Note. Section 10. Covenants and Warranties. It is hereby covenanted and warranted by the City that all representations and recitals contained in this Resolution are true and correct, and that the City and its appropriate officials have duly taken all proceedings necessary to taken by them, and will take any additional proceedings necessary to be taken by them, for the prompt collection and enforcement of the taxes, revenue, cash receipts and other moneys from which the Note is payable, in accordance with law and for carrying out the provisions of this Resolution. Section 11. Arbitrage Covenant. This Council, as issuer of the Note on behalf of the City, hereby covenants that it will make no use of the proceeds of the Note which would cause the Note to be an "arbitrage bond" under Section 103(c) of the Internal Revenue Code of 1954, as amended; and, to that end, so long as the Note is outstanding, the issuer with respect to the proceeds of the Note, and all officers having custody or control of such proceeds, shall comply with all requirements of said section and of the regulations of the United States Department of the Treasury thereunder, to the extent that such regulations are, at the time, applicable and in effect, so that the Note will not be an "arbitrage bond." Section 12. Effective Date. This resolution shall take effect from and after its passage and adoption. PASSED AND ADOPTED by the Council of the City of the Town of Los Altos Hills, California, this 7th day of July, 1982, by the following vote: AYES: Mayor Perkins, Councilmembers Allison, Hillestad and Proft NOES: None ABSENT: Councilwoman Van Tamelen �,.^. � Mayor (SEAL) _ Attest: { City Clerk 3 �I -