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(10%) per annum until the principal sum is paid; shall be dated their date of
<br />issuance; shall mature one year from such date; shall not be subject to
<br />redemption by the City at any time prior to maturity; and shall be payable as to
<br />both principal and interest at the office of the Fiscal Officer of the City, or
<br />at banks or trust companies, as determined by the Fiscal Officer, without
<br />deduction for exchange, collection or service charge. ~Fiscal Officer" as used
<br />in this ordinance means the City's Director of Finance, Assistant Director of
<br />Finance, Acting Director of Finance or Director of Public Works°
<br />
<br /> Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the
<br />Fiscal Officer may combinethe Notes with other notes into a single consolidated
<br />issue of notes for purposes of their sale as a single issue, to be designated
<br />~Various Purpose General Obligation Bond Anticipation Notes - 1991 Renewal"; such
<br />notes shall contain a summary statement of purposes encompassing the purpose for
<br />which the Notes are issued; shall state that they are issued pursuant to this
<br />ordinance; shall be issued in such numbers and denominations as maybe .requested
<br />by the original purchaser; and shall be executed by the Mayor and Fiscal Officer,
<br />provided that one of such 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 Fiscal Officer to the purchaser offering
<br />the lowest interest cost to the City at an interest rate not exceeding that
<br />specified in Section 3 of this ordinance after distribution to prospective
<br />purchasers of the Notes of an Invitation for Proposals substantially in the form
<br />attached hereto as Exhibit 1. The Fiscal Officer shall obtain the assistance of
<br />Calfee, Halter & Griswold, Bond Attorneys, Cleveland, Ohio, cause the Notes to
<br />be prepared, and have the Notes signed and delivered, together with a true
<br />transcript of proceedings with reference to the issuance of the Notes, to the
<br />originalpurchaser thereof upon payment of the purchase price. The proceeds from
<br />the sale of said Notes, except the accrued interest thereon, shall be paid into
<br />the proper fund and used for the purpose for which the Notes are being issued
<br />under the provisions of this ordinance. The proceeds of the Notes may be used
<br />to pay, and are hereby appropriated to pay, those certain costs of issuance set
<br />forth in Section 133.15(B), Ohio Revised Code; any such costs also may be paid
<br />out of any other lawfully available moneys of the City, which monies are hereby
<br />appropriated to such purpose; any such costs which are future financing costs may
<br />be paid from the same sources from which the principal of and interest on the
<br />Notes are paid, which monies are hereby appropriated for such purpose. Any
<br />accrued interest shall be paid into the Bond Retirement Fund to be applied to the
<br />payment of the principal and interest of the Notes in the manner provided by 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 Fiscal Officer, as the fiscal
<br />officer, or any other officer of the City having responsibility for the issuance
<br />of the Notes shall give an appropriate certificate of the City, for inclusion in
<br />the transcript of proceedings' for the Notes, setting forth the reasonable
<br />expectations of the City regarding the amount and use of all the proceeds of the
<br />Notes, the facts, circumstances, and estimates on which they are based, and other
<br />facts and circumstances relevant to the tax treatment of interest on 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 />exclusion, 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,
<br />(iv) maintain books and records and make calculations and reports, and
<br />(v) refrain from certain uses of proceeds, all in such manner and to the extent
<br />mecessary to assure such exclusion of that interest under the Code. The Fiscal
<br />Officer and other appropriate officers are hereby authorized and directed to take
<br />any and all actions, make calculations and rebate payments, and make or give
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