82-91 $47,000 Park Improvement Bond Notes

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at banks or trust companies, as determined by the Fiscal Officer, without deduction for exchange, collection or service charge° "Fiscal Officer" as used in this ordinance means the City's Director of Finance, Assistant Director of Finance, Acting Director of Finance or Director of Public Works. Section 4. Pursuant to Section 133.30(B)~ Ohio Revised Code, the Fiscal Officer may combine the Notes with other notes into a single consolidated issue of notes for purposes of their sale as a Single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes, Series 1991C"; such notes shall contain a summary statement of purposes encompassing the purpose for which the Notes are issued; shall state that they are issued' pursuant to this ordinance; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that one of such signatures maybe a facsimile signature. Section 5. The Notes shall be sold at not less than the par value thereof in a manner determined by the Fiscal Officer to the purchaser offering the lowest interest cost to the City at an interest rate not exceeding that specified in Section 3 of this ordinance after distribution to prospective purchasers of the Notes of an Invitation for Proposals substantially in the form attached hereto as Exhibit 1. The Fiscal Officer shall obtain the assistance of Calfee, Halter & Griswold, Bond Attorneys, Cleveland, Ohio, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes, to the original purchaser thereof upon payment of the purchase price° The proceeds from the sale of said Notes, except the accrued interest thereon~ shall be paid into the proper fund and used for the purpose for which the'Notes are being issued under the provisions of this ordinance. The proceeds of the Notes may be used to pay, and are hereby appropriated to pay, those certain costs of issuance set forth in Section 133.15(B), Ohio Revised Code; any such costs also may be paid out of any other lawfully available moneys of the City, which monies are hereby appropriated to such purpose; any such costs which are future financing costs may be paid from the same sources from which the principal of and interest on the Notes are paid, which monies are hereby appropriated for such purpose. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Notes in the manner provided by law. The City covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may be necessary so that the Notes will not constitute arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"). The Fiscal Officer, or any other officer of the City having responsibility for the issuance of the Notes shall give an appropriate certificate of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City regarding the amount and use of all the proceeds of the Notes, the facts, circumstances, and estimates on which they are based, and other facts and circumstances relevant to the tax treatment of interest on the Notes. The City covenants that it (a) will take or cause to be taken such actions which may be required of it for the interest on the Notes to be and remain excluded from gross income for federal income tax purposes, and (b) will not take or permit to be taken any actions which would adversely affect that exclusion, and that it, or persons acting for it, will, among other acts of compliance, (i) apply the proceeds of the Notes to the governmental purpose of the borrowing, (ii) restrict the yield on investment property acquired with those proceeds, (iii) make timely rebate payments to the federal government, (iv) main- tain books and records and make calculations and reports, and (v) refrain from certain'uses of proceeds, all in such manner and to the extent necessary to assure such exclusion of that interest under the Code. The Fiscal Officer and other appropriate officers are hereby authorized and directed to take any and all actions, make calculations and rebate payments, and make or give reports and certifications as may be appropriate to assure such exclusion of that interest. -2-