60-90 1988 Sidewalk Improve Notes $180,000

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issued in anticipation of the issuance of said bonds for the above- described purpose. The Notes shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) per annum, as may be fixedbythe Director of Finance in her certificate awarding the Notes at private sale, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate or rates not exceeding the maximum interest rate of fifteen per centum (15%) Per annum until the principal sum is paid~ shall be dated August 24, 1990 and shall mature on August 23, 1991~ shall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provisions shall be made for calling the Notes for redemption upon ten (10) days written notice to the original purchaser; and shall be payable as to both principal and interest at the office 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. Pursuant to Section 133.30(B), Ohio Revised Code, the Director of Finance may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes - 1990 Renewal"~ such notes shall contain a summary statement of purposes encompassing the purpose for which the Notes are issued~ shall state that they are issued pursuant to this ordinance~ shall be issued in such numbers and denominations as may be requested by the original purchaser~ and shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature. Section 5. The Notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate not exceeding that specified in Section 3 of this ordinance and 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 or purchasers 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 of issuance set forth in Section 133.15(B), Ohio Revised Code, and 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 shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal of an interest on the Notes in the manner provided by law. The City covenants that it will restrict the use of the pro- ceeds of the Notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for the Notes, so that the Notes will not constitute arbitrage bonds under Section 148(a) of the Internal Revenue Code of 1986 (the "Code") and the applicable regulations prescribed under that Section. The Director of Finance or any other officer having responsibility for issuing the Notes, shall, alone or with any other officer or employee of or consultant to the City, give an appropriate certificate of the City for inclusion in the transaction or proceedings for the Notes, setting forth the reasonable expectations of the City regarding the amount and use of all the proceeds of the Notes and the facts and estimates on which they are based, all as of the date of delivery of and payment for the Notes. -2-