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• the payment of any portion of principal or interest with respect to <br /> the Series 2005 Bonds will not be guaranteed (directly or <br /> indirectly) by the United States or any agency or instrumentality <br /> thereof and (B) not more than 5% of the proceeds of the Series 2005 <br /> Bonds (exclusive of proceeds invested for an initial temporary <br /> period until needed for the purpose for which the Series 2005 Bonds <br /> were issued and proceeds deposited into the Bond Fund) will be <br /> invested (directly or indirectly) in federally insured deposits or <br /> accounts . Nothing in this Section shall prohibit investments in <br /> obligations issued by the United States Treasury. <br /> (f) The City covenants that it will submit to the <br /> Secretary of the Treasury of the United States, not later than the <br /> 15th day of the second calendar month after the close of the <br /> calendar quarter in which the Series 2005 Bonds are issued, the <br /> statement required by Section 149 (e) of the Code . <br /> Section 8 . The Series 2005 Bonds shall be subject to <br /> redemption prior to maturity in accordance with the terms set out <br /> in the bond form, hereinabove . <br /> Section 9 . The provisions of this Ordinance are hereby <br /> declared to be severable and if any provision shall for any reason <br /> be held illegal or invalid, such holding shall not affect the <br /> validity of the remainder of the Ordinance . <br /> Section 10 . This Ordinance shall not create any right of <br /> any kind and no right of any kind shall arise hereunder pursuant to <br /> it until the Series 2005 Bonds shall be issued and delivered. <br /> Section 11 . All ordinances and resolutions or parts <br /> thereof, in conflict herewith are hereby repealed to the extent of <br /> such conflict . <br /> Section 12 . It is hereby ascertained and declared that <br /> the terms for the Series 2005 Bonds are in the interest of the City <br /> and are conditioned upon issuance of the Series 2005 Bonds as <br /> scheduled. It is, therefore, declared that an emergency exists and <br /> this Ordinance being necessary for the immediate preservation of <br /> the public peace, health and safety shall take effect and be in <br /> force from and after its passage . <br /> 11 <br />