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v -19- 13 bond issued hereunder, or (b) a reduction in the principal amount o any bond or the rate of interest thereon, or (c) the creation of a pledge of tax revenues other than the pledge created by this Ordina=D , or (d) a privilege or priority of any bond or bonds over any other bond or bonds, or (e) a reduction in the aggregate principal amount of the bonds required for consent to such supplemental ordinance. Section 16. That the City covenants that it shall not take any action or suffer or permit any action to be taken or condition to exist which causes or may cause the interest payable on the bonds to be subject to federal income taxation. Without limiting the generality of the foregoing, the City covenants that the proceeds of the sale of the bonds will not be used directly or indirectly in such manner as to cause the bonds to be treated as "arbitrage bonds" within the meaning of Section 103 (d) of the Internal Revenue Code of 1954, as amended. Section 17. That the provisions of this Ordinance are separable and in the event that any section or part hereof shall be held to be invalid, such invalidity shall not affect the remainder of this Ordinance. Section 18. That all ordinances and resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 19. That this Ordinance shall not create any right of any character and no right of any character shall arise under or pursuant to it until the bonds authorized by this Ordinance shall be issued and delivered. Section 20. That it is hereby ascertained and declared to be an immediate need for the refunding of the 1969 Bonds. 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 be in force and take effect immediately upon and after its passage. PASSED: ( ��-!`/ f / / `% % % '1977. Y ATTEST: City Clerk j- (SEAL) APPROV�D : Payor .