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the discharge of the principal of said serial bonds at maturity, which <br />tax shall not be less than the interest and sinking fund tax required by <br />Section 11 of Article Xii of the Constitution of Ohio. <br /> <br /> Section 6. Said tax shall be and is hereby ordered computed, <br />certified, levied and extended upon the tax duplicate and collected by <br />the same officers, in the same manner and at the same time that taxes <br />for general purposes for each of said years are certified, extended and <br />collected. Said tax shall be placed before and in preference to all <br />other items and for the full amount thereof. The funds derived from <br />said tax levy hereby required shall be placed in a separate and distinct <br />fund, which, together with the interest collected on the same, shall be <br />irrevocably pledged for the payment of the principal of and interest on <br />said bonds when and as the same fall due; provided, however, that in <br />each year, to the extent that the assessments anticipated by the bonds <br />and other revenues of the City are available for the payment of such <br />bonds and are appropriated for such purpose, the amount of such tax <br />shall be reduced by the amount of such assessments and revenues so <br />available and appropriated. <br /> <br /> Section 7. It is hereby determined that all acts, conditions <br />and things necessary to be done precedent to and in and for the issuing <br />of said bonds in order to make them legal, valid and binding obligations <br />of the City have been performed in regular and due form as required by <br />law; that the full faith, credit and revenue of said City shall be and <br />are hereby irrevocably pledged for the prompt payment of the principal <br />and interest thereof at maturity; and that no limitation of indebtedness <br />or taxation, either statutory or constitutional, will be exceeded in <br />issuing said bonds. <br /> <br /> Section 8. The City covenants that it will restrict the use <br />of the proceeds of said bonds in such manner and to such extent, if any, <br />as may be necessary, after taking into account reasonable exDectations <br />at the time of the delivery of and payment for said bonds, so that said <br />bonds will not constitute arbitrage bonds under Section 103(c) of the <br />Internal Revenue Code and the applicable income tax regulations under <br />that Internal Revenue Code and the applicable income tax regulations <br />under that Section. The fiscal officer or any other officer, including <br />the Clerk of Council, having responsibility for issuing said bonds is <br />authorized and directed, alone or in conjunction with any of the fore- <br />going or with any other officer, employee, or consultant of the City, to <br />give an appropriate certificate of the City's reasonable expectations, <br />as of the date of delivery of the bonds, for inclusion in the transcript <br />of proceedings, which shall state (in brief and summary terms) the facts <br />and estimates on which the City's reasonable expectations as to future <br />events are based and state that, to the best of the knowledge and belief <br />of the certifying officer, the City's expectations are reasonable. <br /> <br /> Section 9. The Clerk of Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br />-3- <br /> <br /> <br />