96-83 Bonds for breakwall - Laserfiche WebLink

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~ I ' said Bonds when and as the same fall due; provided, however, thát in each year, to the extent that the assessments anticipated by the Bonds and other revenues of the City are available for the paymen-t of such Bonds and are appropriated for such purpose, the amount of -such tax shall be reduced by the amount 6£ such assessments and revenues so available and appropriated. Sectxon 7. It is hereby determined that all acts, conditions and things necessary to be: done precedent to and in and for the issuing of said Bonds in order to make them legal, valid and binding obligations of the City have beert 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 limitation 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 próceeds óf said Bonds in such manner and ~o such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for said Bonds, so :that said Bonds will not constitute arbitrage bonds undet Section l03(c) of the Intetnal Revenue Code and the applicable income tâx regulations under that Internal Revenue Code and the applicable income tax regulations tinder that Section. The fiscal officer or any other officer, including the Clerk of Council, having responsibility fot issUing said Bonds is authorized and directed, alone or in conjunctiort with any of the forego- ing or with arty other officer; employee, at consultant bfthe City, to give an appropriate certificate of the City's reasonable expectations, as of the date òf delivery of the Bonds, for inclusion in the transcript of proceedings. which shall state (in brief and summary 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 ate 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. Section 11. It is 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 such deliberations of this Council and any of its committees that resulted in such formal action were in meetings open to the public in compliance with all legal requirements including the City's Charter and Codified Ordinances and Section 121.22 of the Ohio Revised Code. Section 12. '1:his ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City for the reasons set fotth and defined in the preamble to this ordinance; and provided it -4-