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dated October 14, 1988 and shall mature on October 13, 1989; shall not <br />be subject to redemption by the City at any time prior to maturity, <br />unless the original purchaser of the Notes requests that the Notes <br />provide, for such redemption, in which case provision shall be made for <br />calling the Notes for redemption upon ten (10) days written notice to <br />the original purchaser; shall be designated "1987 Sewer Improvement Bond <br />Anticipation Notes - 1988 Renewal"; shall be issued in such numbers and <br />denominations as may be requested by the original purchaser; and shall <br />be payable as to both principal and interest at the offices of the <br />Director of Finance of the City, or at banks or trust companies, as <br />determined by the Director of Finance, without deduction for exchange, <br />collection or service charge. <br /> <br /> Section 4. The Notes shall be executed by the Mayor and <br />Director of Finance, provided that one of such signatures may be a <br />facsimile signature, and bear the seal of the corporation or a facsimile <br />thereof. The Notes shall express upon their faces the purpose for which <br />they are issued and that they are issued pursuant to this ordinance. <br /> <br /> Section 5. Subject to the rejection of the Notes by the <br />Director of Finance for investment in the Bond Retirement Fund, the <br />Notes shall be sold at not less than the par value thereof in a manner <br />determined by the Director of Finance to the purchaser offering the <br />lowest interest cost to the City at an interest rate not exceeding that <br />specified in Section 3 of this ordinance pursuant to and in accordance <br />with the terms and conditions set forth in the form of Invitation for <br />Proposals attached hereto as Exhibit 1, and after distribution of said <br />Invitation for Proposals to prospective purchasers of the Notes; the <br />Director of Finance is hereby authorized and directed to deliver the <br />Notes, when executed, to the original purchaser thereof upon payment of <br />the purchase price. The proceeds of such sale shall be paid into the <br />proper fund and used for the purpose for which the Notes are being <br />issued under the provisions of this ordinance and to pay t~oses costs of <br />issuance set forth in Section 133.361, Ohio Revised Code. Any premium <br />and accrued interest shall be transferred to the Bond Retirement Fund to <br />be applied to the payment of the principal of an interest on the Notes <br />in the manner provided by law. <br /> <br /> The City covenants that it will restrict the use of the <br />proceeds of the Notes in such manner and to such extent, if any, as may <br />be necessary so that the Notes will not constitute arbitrage bonds under <br />Section 148 of the Internal Revenue Code of 1986, as amended (the <br />"Code"). The Director of Finance, as t~he fiscal officer, or any other <br />officer of the City having responsibility for the issuance of the Notes <br />shall give an appropriate certificate of the City, for inclusion in the <br />transcript of proceedings for the Notes, setting forth the reasonable <br />expectations of the City regarding the amount and use of all the pro- <br />ceeds of the Notes, the facts, circumstances, and estimates on which <br />they are based, and other facts and circumstances relevant to the tax <br />treatment of interest on the Notes. <br /> <br /> The City covenants that it (a) will take or cause to be taken <br />such actions which may be required of it for the interest on the Notes <br />to be and remain excluded from gross income for federal income tax <br />purposes, and (b) will not take or permit to be taken any actions which <br />would adversely affect that exclusion, and that it, or persons acting <br />for it, will, among other acts of compliance, (i) apply the proceeds of <br /> <br />-2- <br /> <br /> <br />