84-83 Bonds for breakwall concrete mods, fill & end returns

Home Browse Search

which tax shall not be less than the interest and sinking fund tax re- quired by Section 11 of Article XII of the Constitution of Ohio. Section 6. Said tax shall be and is hereby ordered com- puted, certified, levied and extended upon the tax duplicate and col- lected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in prefer- ence to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a sepa- rate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the princi- pal of and interest on said Bonds when and as the same fall due; pro- vided, however, that in each year, to the extent that the assessments anticipated by the Bonds and other revenues of the City are available for the payment of such Bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of such assess- ments and revenues so available and appropriated. Section 7. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in and for the issu- ing of said Bonds in order to make them legal, valid and binding obli- gations of the City have been performed in regular and due form as required by law; that the full faith, credit and revenue of said City shall be and are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limita- tion of indebtedness or taxation, either statutory or constitutional, will be exceeded in issuing said Bonds. Section 8. The City covenants that it will restrict the use of the proceeds of said Bonds 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 said Bonds, so that said Bonds will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Internal Revenue Code and the applicable income tax regulations under that Section. The fiscal officer or any other officer, including the Clerk of Council, having responsibility for issuing said Bonds is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee, or con- sultant of the City, to give an appropriate certificate of the City's reasonable expectations, as of the date of delivery of the Bonds, for inclusion in the transcript of proceedings, which shall state (in brief and s-~mmry terms) the facts and estimates on which the City's reasonable expectations as to future events are based and state that, to the best of the knowledge and belief of the certifying officer, the City's expectations are reasonable. Section 9. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. The Mayor and Director of Finance, or either of them, are authorized to prepare, execute and deliver to the purchaser of said Bonds a preliminary and final Official Statement or any other appropriate disclosure document in connection with the sale and delivery of said Bonds. -3-