62-90 Foster Pool Improvement Notes $960,000

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paid, and shall mature in twenty-one (21) annual installments after their issuance. Section 3. That it is hereby determined that notes (hereinafter called the "Notes") in the principal amount of $960,000 shall be 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 fixed by the 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; shall mature 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, and at banks or trust companies, as determined by the Director of Finance, without deduction of 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'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; and 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 re 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 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 o~ 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 proceeds of the Notes, the facts, circumstances, and estimates on which they are based, and other -2-