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the payment of any portion of principal or interest with respect to the Series 1995 Bonds will not be guaranteed (directly or indirectly) by the United States or any agency or instrumentality thereof and (B) not more than 5% of the proceeds of the Series 1995 Bonds (exclusive of proceeds invested for an initial temporary period until needed for the purpose for which the Series 1995 Bonds were issued and proceeds deposited into the Bond Fund) will be invested (directly or indirectly) in federally insured deposits or accounts. Nothing in this Section shall prohibit investments in obligations issued by the United States Treasury. (e) The City covenants that it will submit to the Secretary of the Treasury of the United States, not later than the 15th day of the second calendar month after the close of the calendar quarter in which the Series 1995 Bonds are issued, the statement required by Section 149 (e) of the Code. Section 10. Nothing in this Ordinance expressed or implied is intended or shall be construed to confer upon, or to give to, any person or entity, other than the City, the Trustee, and the registered owners of the Bonds, any right, remedy or claim under or by reason of this Ordinance or any covenant, condition or stipulation hereof, and all covenants, stipulations, promises and agreements in this Ordinance contained by and on behalf of the City shall be for the sole and exclusive benefit of the City, the Trustee, and the registered owners of the Bonds . (W Section 11. The provisions of this Ordinance are hereby declared to be separable and if any provision shall for any reason be held illegal or invalid, such holding shall not affect the validity of the remainder of the Ordinance. Section 12 . This Ordinance shall not create any right of any kind and no right of any kind shall arise hereunder pursuant to it until the Series 1995 Bonds shall be issued and delivered. Section 13 . All ordinances and resolutions or parts thereof, in conflict herewith are hereby repealed to the extent of such conflict. Section 14 . It is hereby ascertained and declared that the refunding of the Series 1991 A Bonds is subject to interest rate fluctuations, which are unpredictable, and that the issuance of the Series 1995 Bonds and the taking of the other action authorized by this Ordinance is necessary for the accomplishment thereof. It is, therefore, declared that an emergency exists and this Ordinance being necessary for the immediate preservation of the public peace, health and safety shall take effect and be in force from and after its passage. iwNmy�bWe93.UU -13-