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(8%) per annum until the principal sum is paid; shall be dated their date of
<br />issuance; shall mature on a date between nine months and one year from such date,
<br />as determined by the Fiscal Officer; shall not be subject to redemption by the
<br />City at any time prior to maturity; and shall be payable as to both principal and
<br />interest at the office of the Fiscal Officer of the City, or at banks or trust
<br />companies, as determined by the Fiscal Officer, without deduction for exchange,
<br />collection or service charge. ~Fiscal Officer" as used in this ordinance means
<br />the City's Director of Finance~ Assistant Director of Finance or Director of
<br />Public Works.
<br />
<br /> Section 4. 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 />
<br /> Section 5. The Notes shall be sold at not less than the par value
<br />thereof in a manner determined by the Fiscal Officer to the purchaser offering
<br />the lowest interest cost to the City at an interest rate not exceeding that
<br />specified in Section 3 of this Ordinance after distribution to prospective
<br />purchasers of the Notes of an Invitation for Proposals substantially in the form
<br />attached hereto as Exhibit 1. The Director of Law shall obtain the serv{ces of
<br />qualified Bond Counsel, and his selection of Calfee, Halter & Griswold, Bond
<br />Attorneys, Cleveland, Ohio, is hereby confirmed, approved and ratified. The
<br />Fiscal Officer shall cause the Notes to be prepared, and have the Notes signed
<br />and delivered, together with a true transcript of proceedings with reference to
<br />the issuance of the Notes, to the original purchaser thereof upon payment of the
<br />purchase price. The proceeds from the sale of said Notes, except the accrued
<br />interest thereon, shall be paid into the proper fund and used for the purpose
<br />for which the Notes are being issued under the provisions of this ordinance. The
<br />proceeds of the Notes may be used to pay, and are hereby appropriated to pay,
<br />those certain costs of issuance set forth in Section 133.15(B), Ohio Revised
<br />Code; any such costs also may be paid out of any other lawfully available moneys
<br />of the City, which monies are hereby appropriated to such purpose; any such costs
<br />which are future financing costs may be paid from the same sources from which the
<br />principal of and interest on the Notes are paid, which monies are hereby
<br />appropriated for such purpose. Any accrued interest shall be paid into the Bond
<br />Retirement Fund to be applied to the payment of the principal and interest of the
<br />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
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