05-90 Real Estate Acquisition Bond $485,000

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Acquisition Bond Anticipation Notes - 1990 Renewal"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as to both principal and interest at the offices of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. The Notes shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature. The Notes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 5. Subject to the rejection of the Notes by'the Director of Finance for investment in the Bond Retirement Fund, the Notes shall be sold at not less than the par value thereof in a manner determined by the Director of Finance to the purchaser offering the lowest interest cost to the City at an interest rate not exceeding that specified in Section 3 of this ordinance pursuant to and in accordance with the terms and conditions set forth in the form of Invitation for Proposals attached hereto as Exhibit 1, and after distribution of said Invitation for Proposals to prospective purchasers of the Notes; the Director of Finance is hereby authorized and directed to deliver the Notes, when executed, to the original purchaser thereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which the Notes are being issued under the provisions of this ordinance and to pay those costs set forth in Section 133.15(B), Ohio Revised Code, and any such costs which are future financing costs may be paid from the same sources from which the principal of and interest on the Notes are paid. Any premium and accrued interest sha~l be transferred to the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Notes in the manner provided by law. The City covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may be necessary so that the Notes will not constitute arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). The Director of Finance, as the fiscal officer, or any other officer of the City having responsibility for the issuance of the Notes shall give an appropriate certificate of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City regarding the amount and use of all the pro- ceeds of the Notes, the facts, circumstances, and estimates on which they are based, and other facts and circumstances relevant to the tax treatment of interest on the Notes. The City covenants that it (a) will take or cause to be taken such actions which may be required of it for the interest on the Notes to be and remain excluded from gross income for federal income tax purposes, and (b) will not take or permit to be taken any actions which would adversely'affect that exclusion, and that it, or persons acting for it, will, among other acts of compliance, (i) apply the proceeds of the Notes to the governmental purpose of the borrowing, (ii) restrict the yield on investment property acquired with those proceeds, (iii) make timely rebate payments to the federal government, (iv) main- tain books and records and make calculations and reports, and -2-