51-91 $4,750,000 Water System Mortgage Revenue Bonds

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Charges are the largest being no more than 120% of the Bond Service Charges in the Bond Year in which such Bond Service Charges are the smallest. (c) Execution. The Series 1991 Bonds shall be signed by the Mayor and Fiscal Officer, provided that both of such signatures may be a facsimile and Bond Counsel is authorized to print their approving opinion on the Series 1991 BOndS. (d) Additional Authorizations. The MaYor, the Fiscal Officer, the Clerk and the Legal Officer are hereby authorized and directed to take any and all actions necessary or proper consistent with the terms of this Bond Legislation and the Indenture to effect the execution, authentication and delivery of the Series 1991 Bonds to the Original Purchaser, including without limitation the execution of financing statements, assignments and instruments necessary or appropriate to perfect, to the extent permitted by law, the lien of the Indenture applicable to the Utility or any part thereof and to the Special Funds and the furnishing of the appropriate certificates, opinions and other instruments provided for in this Bond Legislation and in the Indenture. (e) Use of Book-entry System. The Series 1991 Bonds shall originally be issued solely in Book-entry form to a Depository to be held in a Book-entry system in accordance with the Indenture, particularly Section 2.02 thereof. The Fiscal Officer is hereby authorized and directed to engage the services of The Depository Trust Company ("DTC") in connection with depository services for the Series 1991 Bonds, including holding the Series 1991 Bonds in Book-entry form and to enter into any agreements with DTC, the Trustee and any other party necessary or appropriate for the engagement of such services. Section 4. Sale of the Series 1991 Bonds. The Series 1991 Bonds shall be sold at not less than 97% of the par value thereof in a manner determined by the Fiscal Officer to the Original Purchaser upon terms and conditions consistent with this Bond Legislation, the Indenture and the form of Invitation for Bids. Such form of Invitation for Bids is hereby approved, with such changes therein as are not inconsistent with this Bond Legislation and not substantially adverse to the Issuer and which are permitted by the Charter and Constitution of Ohio and shall be approved by the Fiscal Officer executing the Invitation for Bids. The approval of such changes, and that such charges are not substantially adverse to the Issuer, shall be conclusively evidenced by the execution of the Invitation for Bids by the Fiscal Officer. Such sale and award shall be further evidenced by the Certificate of Award signed by the Fiscal Qfficer the terms of' which certificate shall be reflected in the Indenture. The Certificate of Award shall state the Original Purchaser, the aggregate principal amount of the Series 1991 Bonds to be issued, the purchase price,, the capitalized interest payment, if any, and the principal retirement schedule together with such additional information as shall be required by the terms of this Bond Legislation and the Indenture. In connection with the issuance and sale of the Series 1991 Bonds, the law firm of Calfee, Halter & Griswold is hereby retained to act as bond counsel to the Issuer. Section 5. ADplication of Proceeds of Series 1991 Bonds. The proceeds of sale of the Series 1991 Bonds shall be received by the Trustee on behalf of the Issuer and allocated and deposited by the Trustee as follows: (a) an amount equal to accrued interest on the Series 1991 Bonds shall be deposited to the credit of the Interest Account; (b) the amount necessary, when combined with any funds of the Issuer deposited pursuant to clause (i) of the next succeeding paragraph, to make the balance in the Bond Reserve Fund equal to the Bond Reserve Requirement shall -6-