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ordinance means the City's Director of Finance, Assistant Director of Finance,
<br />Acting Director of Finance or Director of Public Works.
<br /> Section ~. Pursuant to Section 133.30(B), Ohio Revised Code, the
<br />Fiscal Officer may combine the 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 1992 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 may be 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 /> 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 to exceed
<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, is hereby confirmed, approved and
<br /> ratified. The Fiscal Officer shall cause the Notes to be prepared, and have the
<br /> Notes signed and delivered, together with a true transcript of proceedings with
<br /> reference to the issuance of the Notes, to the original purchaser thereof upon
<br /> payment of the purchase price. The proceeds from the sale of said Notes, except
<br /> the accrued interest thereon, shall be paid into the proper fund and used for
<br /> the purpose for which the Notes are being issued under the provisions of this
<br /> ordinance. The proceeds of the Notes may be used to pay, and are hereby
<br /> appropriated to pay, those certain costs of issuance set forth in Section
<br /> 133.15(B), Ohio Revised Code; any such costs also may be paid out of any other
<br /> lawfully available moneys of the City, which monies are hereby appropriated to
<br /> such purpose; any such costs which are future financing costs may be paid from
<br /> the same sources from which the principal of and interest on the Notes are paid,
<br /> which monies are hereby appropriated for such purpose. Any accrued interest
<br /> shall be paid into the Bond Retirement Fund to be applied to the payment of the
<br /> 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 />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.
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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
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