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issue of nones for ~purposes of their sale as a single issue, to be designated'
<br />"Various Purpose General Obligation Bond Anticipation Notes, Series 1992A"~ 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 may be requested
<br />by the original purchaser~ and shall be executed by the Mayor and Fiscal Officer,
<br />p~ovided that one of such signatures 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 and in a
<br />principal amount not exceeding that specified in 'Section 3 of this ordinance.
<br />The Fiscal ~Officer Shall determine the principal amount of the Notes in his
<br />certificate awarding the Notes. The Director of Law shall obtain the services
<br />of qualified Bond Counsel, and his selection of Calfee, Halter & Griswold, Bond
<br />attorneys, Cleveland, Ohio, as Bond Counsel for the Notes is hereby confirmed,
<br />approved and ratified. The Fiscal Officer shall cause the Notes t6 be prepared,
<br />and have the Notes signed and delivered, together with a true transcript of
<br />proceedings with reference to the issuance of the Notes, to the original
<br />purchaser thereof upon payment Of the purchase pricel The proceeds from the sale
<br />of said Notes, except the accrued interest thereon, shall be' paid into the
<br />proper fund and used for the purpose for which the Notes are being issued under
<br />the provisions of this ordinance. The proceeds of the Notes also may be used to
<br />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 arc'hereby appropriated for such purpose. Any
<br />accrued interest shall be paid into the Bond Retirement Fund to be applied ~o the
<br />payment of the principal and interest of the Notes in the manner 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 Xotes 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 />~otes, the facts, circumstances, and estimates on which they are based, and other
<br />facts and circumstances relevant to the tax treatment!ofinterest 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 />Office~ 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.
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<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
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