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authorized, executed and delivered by the City and <br />constitutes the binding agreement of the City, <br />enforceable in accordance with its terms; <br /> <br /> (ii) The Bonds are issued upon and are secured <br />by unpaid assessments levied for the payment of the <br />acquisitions, work and improvements described in <br />the certified proceedings furnished to them and by <br />the moneys in the redemption fund established <br />pursuant to the Resolutions, the Bond Law and the <br />1913 Act; the principal of, redemption premium, if <br />any, and interest on the Bonds are payable out of <br />such redemption fund; and the installments of <br />principal and interest of the unpaid assessments <br />are collected on the tax roll on which general <br />taxes on real property are collected; <br /> <br /> (iii) The information in the Offering <br />Memorandum under the captions or subcaptions (as <br />the case may be) (a) "Summary Statement", "The <br />Bonds" and "The District" fairly and accurately <br />summarizes the provisions, the Bond Law, the 1913 <br />Act and other State laws and other matters <br />purported to be summarized therein; <br /> <br /> (iv) The Bonds are not subject to the <br />registration requirements of the Securities Act of <br />1933, as amended, and the Resolutions are exempt <br />from qualification pursuant to the Trust Indenture <br />Act of 1939, as amended; and <br /> <br /> (v) No consent, waiver or any other action of <br />any person, board or body, public or private, other <br />than the approval of the City Council, which has <br />been duly and validly obtained, is required as of <br />the date of the Closing for the City to adopt the <br />Resolutions or issue the Bonds, or to enter into <br />this Purchase Contract, or to perform its <br />obligations under any of the foregoing. <br /> <br /> (vi) The City is a general law city duly <br />incorporated and existing under the laws of the <br />State and has good right and lawful authority to <br />perform all of its obligations under the <br />Resolutions; <br /> <br /> (vii) The execution and delivery of this <br />Purchase Contract, issuance of the Bonds and the <br />adoption of the Resolutions and compliance with the <br />provisions of each do not and will not conflict <br />with or constitute a breach of or default under any <br />applicable law or administrative regulation of the <br /> <br /> 7 <br /> <br /> <br />