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by the Director of Finance, without deduction for exchange, collection or service <br />charge. <br /> <br /> ~ection 4. Pursuant to Section 133.30(B), Ohio Revised Code, the <br />Director of Finance may combine the Notes with other notes into a single <br />consolidated issue of notes for purposes of their sale as a single issue, to be <br />designated "Various Purpose General Obligation Bond Anticipation Notes - 1990 <br />Renewal, Series B"; such notes shall contain a summary statement of purposes <br />encompassing the purpose for which the Notes are issued; shall state that they <br />are issued pursuant to this ordinance; shall be issued in such numbers and <br />denominations as may be requested by the original purchaser; and shall be <br />executed by the Mayor and Director of Finance, provided that one of such <br />signatures may be a facsimile signature. <br /> <br /> Section 5. The Notes shall be sold at not less than the par value <br />thereof in a manner determined by the Director of Finance to the purchaser <br />offering the lowest interest cost to the City at an interest rate not exceeding <br />that specified in Section 3 of this ordinance pursuant to and in accordance with <br />the terms and conditions set forth in the form of Invitation for Proposals <br />attached hereto as Exhibit 1, and after distribution of said Invitation for <br />Proposals to prospective purchasers of the Notes; the Director of Finance is <br />hereby authorized and directed to deliver the Notes, when executed, to the <br />original purchaser thereof upon payment of the purchase price. The proceeds of <br />such sale shall be paid into the proper fund and used for the purpose for which <br />the Notes are being issued under the provisions of this ordinance and to pay <br />those costs set forth in Section 133.15(B), Ohio Revised Code, and any such costs <br />which are future financing costs may be paid from the same sources from which <br />the principal of and interest on the Notes are paid. Any premium and accrued <br />interest shall be transferred to the Bond Retirement Fund to be applied to the <br />payment of the principal of and interest on the Notes in the manner provided by <br />law. <br /> <br /> The City covenants that it will restrict the use of the proceeds of <br />the Notes in such manner and to such extent, if any, as may be necessary so that <br />the Notes will not constitute arbitrage bonds under Section 148 of the Internal <br />Revenue Code of 1986, as amended (the "Code"). The Director of Finance, as the <br />fiscal officer, or any other officer of the City having responsibility for the <br />issuance of the Notes shall give an appropriate certificate of the City, for <br />inclusion in the transcript of proceedings for the Notes, setting forth the rea- <br />sonable expectations of the City regarding the amount and use of all the proceeds <br />of the Notes, the facts, circumstances, and estimates on which they are based, <br />and other facts and circumstances relevant to the tax treatment of interest on <br />the Notes. <br /> <br /> The City covenants that it (a) will take or cause to be taken such <br />actions which may be required of it for the interest on the Notes to be and <br />remain excluded from gross income for federal income tax purposes, and (b) will <br />not take or permit to be taken any actions which would adversely affect that <br />exclhsion, and that it, or persons acting for it, will, among other acts of <br />compliance, (i) apply the proceeds of the Notes to the governmental purpose of <br />the borrowing, (ii) restrict the yield on investment property acquired with those <br />proceeds, (iii) make timely rebate payments to the federal government, (iv) main- <br />tain books and records and make calculations and reports, and (v) refrain from <br />certain uses of proceeds, all in such manner and to the extent necessary to <br />assure such exclusion of that interest under the Code. The Director of Finance <br />and other appropriate officers are hereby authorized and directed to take any <br />and all actions, make calculations and rebate payments, and make or give reports <br />and certifications as may be appropriate to assure such exclusion of that <br />interest. <br /> <br /> Section 6. The Notes shall be the full general obligations of the <br />City of Lakewood and the full faith, credit and revenue of said City are hereby <br />pledged for the prompt payment of the same. The par value to be received from <br />the sale of the bonds anticipated by the Notes and any excess funds resulting <br />from the issuance of the Notes shall, to the extent necessary, be used onlY for <br />the retirement of the Notes at maturity, together with the interest thereon, and <br />is hereby pledged for such purpose. <br /> <br />-2- <br /> <br /> <br />