90-81 Property owners portion - improve streets BAN

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be transferred to the Bond Retirement Fund to be applied to the payment of the principal and intereSt of said bonds in the manner provided by law. Section 7. The City hereby covenants that it will restrict the use of the proceeds of said notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expec- tations at the time of the delivery of and payment for such notes, so that said notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Section. The fiscal officer or any other officer, including the Clerk, having responsibility for issuing said notes is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee, or consultant of the City, to give an appropriate certificate of the City, for inclusion in the transcript of proceedings, setting forth the reasonable expectations of the City re- garding the amount and use of all such proceeds and the facts and esti- mates on which they are based, all as of the date of delivery and payment for said notes. Section 8. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 9. It is hereby found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal actions were in meetings open to the public, in com- pliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 10. That this ordinance, having been declared to be an emergency measure, shall be in full force and effect from and immed- iately after its passage and approval by the Mayor. Passed: ~/P~sident of Council -4-