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by the Fiscal Officer, without deduction for exchange, collection or service <br />charge. "Fiscal Officer" as used in this ordinance means the City's Director of <br />Finance, Assistant Director of Finance, Acting Director of Finance or Director <br />of Public Works. <br /> <br /> Section 4. The Notes shall'set forth the purpose for which they are <br />issued~ shall state that they are issued pursuant to this ordinance; shall be <br />issued in such numbers and denominations as may be requested by the original <br />purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that <br />one of such signatures may be a' facsimile signature. <br /> Section 5. The Notes shall be s01d at not less tham the par Value <br /> thereof by the Fiscal Officer to the Treasury Investment Account of the City <br /> established hereby pursuant to general, law at an interest rate not exceeding that <br /> specified in Section 3 of this ordinance; the Fiscal Officer is hereby authorized <br /> and directed to deliver the Notes, when executed~ to the original purchaser <br /> ther.eof upon payment of the purchase price. The proceeds of such sale shall be <br /> paid into the proper fund and used for the purpose for which the Notes are being <br /> issued under the provisions of this ordinance and to pay those costs set forth <br /> in Section 133~15(B), Ohio Revised Code, and any such costs which are future <br /> financing costs may be paid from the same sources from which the principal of and <br /> interest on the Notes are paid. Any premium and accrued interest shall be <br /> transferred to the Bond Retirement Fund to be applied to the payment of the <br /> principal of and interest on the Notes in the manner provided by lawo <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 nedessary 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, or any other <br /> officer of the City having responsibility for the issuance of the Notes shall <br /> give an appropriate certificate of the City, for inclusion in the transcript of <br /> proceedings for the Notes, setting forth the reasonable expectations of the City <br /> regarding the amount and use of all the proceeds of the Notes, the facts, <br /> circumstances, and estimates on which they are based, and other facts and <br /> circumstances relevant to the tax treatment of interest on the Notes° <br /> The C~ty 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 /> re~ain 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, (iv) main- <br /> tain books and records and make calculations and reports~ and (v) ~efrain 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 Fiscal Officer and <br /> other appropriate officers are hereby authorized and directed to take any and all <br /> actions, make calculations and rebate payments, and make or give reports and <br /> certifications as may be appropriate to assure such exclusion of that interest. <br /> Section 6. The Notes shall be the full general ~bligations 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 /> Section 7° D~ring the year or years while the Notes are outstanding~ <br /> there shall be levied on all the taxable property in the City of Lakewood~ in <br /> addition to all other taxes, a direct tax annually not less than that which would <br /> have been levied if bonds had been issued without the prior issue of the Notes° <br /> Said tax shall be and is hereby ordered computed, certified, levied and extended <br /> upon the tax duplicate and collected by the same officers~ in the same manner and <br /> <br />-2- <br /> <br /> <br />