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for 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 may be requested
<br />by the original purchaser; and shall be executed by the Mayor and Fiscal Officer,
<br />provided that one of such si~natures may be a facsimile signature.
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<br /> Section 5. The Notes shall be sold at not less than the par value
<br />thereof by the Fiscal Officer at private sale at an interest rate not exceeding
<br />that specified in Section 3 of this ordinance. The Director of Law shall obtain
<br />the services of qualified Bond Counsel, and his selection of Calfee, Halter &
<br />Griswold, Bond Attorneys, Cleveland, Ohio, as Bond Counsel for the Notes is
<br />hereby confirmed, approved and ratified. The Fiscal Officer shall cause the
<br />Notes to be prepared, and have the Notes signed and delivered, together with a
<br />true transcript of proceedings with reference to the issuance of the Notes, to
<br />the original purchaser thereof upon payment of the purchase price. The proceeds
<br />from the sale of said Notes, except the accrued interest thereon, shall be paid
<br />into the proper fund and used for the purpose for which the Notes are being
<br />issued under the provisions of this ordinance. The proceeds of the Notes also
<br />may be used to pay, and are hereby appropriated to pay, those certain costs of
<br />issuance set forth in Section 133.15(B), Ohio Revised Code; any such costs also
<br />may be paid out of any other lawfully available moneys of the City, which monies
<br />are hereby appropriated to such purpose; 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, which monies are hereby appropriated for such
<br />purpose. Any accrued interest shall be paid into the Bond Retirement Fund to be
<br />applied to the payment of the principal and interest of the Notes in the manner
<br />provided by law.
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<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 />necessary 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
<br />reports and certifications as may be appropriate to assure such exclusion of that
<br />interest.
<br />
<br /> Section 6. The Notes shall be the full general obligations 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. During the year or years while the Notes run, there shall
<br />be levied on all the taxable property in the City of Lakewood, in addition to all
<br />other taxes, a direct tax annually not less than that which would have been
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