52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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( í exclusion from gross income for federal incQme tax purposes, under the provisions of the Code and applicable amendments thereto, until and unless, and except to the extent the Issuer obtains a written opinion of Bond Counsel that this covenant need not be complied with in order for the interest on Bonds and Notes to continue to be excludable from gross income for federal income tax purposes. (f) Among other acts of compliance, apply the proceeds of the Bonds, restrict the yield on investments of, or on obligations acquired with, such proceeds, make timely rebate payments to the federal government, maintain books and records, and refrain from certain uses of proceeds, all in such manner and to the extent necessary for the interest on the Bonds and Notes to be and remain excluded from gross income for federal income tax purposes; and the Authori~ed Official and other appropriate officers are hereby authori~ed and directed to take any and all such actions, make such rebate payments, and make or give such reports and certifications as may be appropriate to assure such exclusion of that interest. section 15. Fiscal Aaent and Reaistrar, The Huntington National Bank, Cleveland, Ohio, is hereby designated and appointed as (a) Fiscal Agent for Bonds and Notes pursuant to section 133.25(B) of the Ohio Revised Code and (b) as Registrar for Bonds. Section 16. Covenants of Fiscal Aaent. The Fiscal Agent hereby covenants and agrees that: (a) it shall give all notices required hereunder; (b) it shall disburse all moneys representing Pledged Receipts or Additional Pledged Receipts and deposited with it by the Issuer or otherwise only in accordance with this General Bond Legislation and the applicable Series Legislation; (c) so long as the Bon~s are registered in the name of the DTC or its nominee, the Fiscal Agent shall comply, to the maximum extent possible consistent with this General Bond Legislation, with the requirements stated in the DTC's Operational Arrangements memorandum dated June 29, 1987 (as it may be amended, modified or superseded). Specifically, the Fiscal Agent shall make payments on the Bonds and will provide notices of redemption to DTC in the manner and at the times set forth in such memorandum and shall regard DTC as the Holder of such Bonds for all purposes hereunder and under the applicable Series Legislation; (d) it shall perform all of the dutie$ and obligation$ impo$ed upon it hereunder and under the applicable Series Legislatión; (e) in the event the Fiscal Agent fails to receive written notice as required by Section 14(b) of this General 80nd Legi$latiQn, it shall, prior to the tenth day of such July, notify the Issuer in writing Qf its failure to comply with the requirement of section 14(b); (f) in the event the Issuer has failed to make a deposit of Pledged Receipts with the Fiscal Agent pursuant to Section 13 of this General Bond Legislation Ordinance, the Fiscal Agent shall notify the IS$uer of said failure by the tenth (10th) Business Day immediately preceding that Irttere$t Payment Date; (g) the Fiscal Agent agrees to comply with all of the provisions set forth in this General Bond Legislation with respect to redemption of Bonds; and (h) all moneys required or permitted tó be deposited with or paid to the Fiscal Agent under any provision of thi$ Ordinance and any investments -17-