|
<br />/'"',
<br />
<br />~f""'"
<br />,
<br />
<br />purposes encompassing the purpose for which the Notes are issued; shall
<br />state that they are issued pursuant to this ordinance; shall be issued in
<br />such numbers and denominations as may be requested by the original
<br />purchaser; and shall be executed by the Mayor and Fiscal Officer, provided
<br />that one of such signatures may be a facsimile signature.
<br />
<br />Section S. The Notes shall be sold at not less than the par
<br />value thereof in a manner determined by the Fiscal Officer to the
<br />purchaser offering the lowest interest cost to the Gity at an interest
<br />rate not exceeding that specified in Section 3 of this ordinance after
<br />distribution to prospective purchasers of the Notes of an Invitation for
<br />Proposals substantially in the form attached hereto as Exhibit 1. The
<br />Director of Law shall obtain the services of qualified Bond Counsel, and
<br />his selection of Calfee, Halter & Gtiswold, Bónd Attorneys, Cleveland,
<br />Ohio, as Bond Counsel for the Notes is hereby confirmed, approved and
<br />ratified. The Fiscal Officer shall cause the Notes to be prepared, and
<br />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 price. The proceeds from
<br />the sale of said Notes, except the accrued interest thereon, shall be
<br />paid into the proper fund and used for the purpose for which the Notes are
<br />being issued under the provisions of this ordinance The proceeds of the
<br />Notes also may be used to pay, and are hereby appropriated to pay, those
<br />certain costs of issµance set forth in Section 133 15(B), Ohio Revised
<br />Code; any suchcóstsalsö may be paid out of any other lawfully available
<br />moneys of the City, which monies are hereby appropriated to such purpose;
<br />any such costs which are future financing costs may be paid from the same
<br />sources from which the principal of and interest on the Notes are paid,
<br />which monies a1?e hereby appropriated f_o_r such. purpos_e. Any accrued
<br />interest shall be paid into the Bond Retirement Fund tO,be applied to the
<br />payment of the principal and interest of the Notes iñ the manner provided
<br />by law.
<br />
<br />The City covenants that it will restrict the use of the pro-
<br />ceeds of the Notes in such manner and to such extent, if any, as may be
<br />necessary so that the Notes will not constitute arbitrage bonds under
<br />Section 148 of the Internal Revenue Code of 1986, as amended (the "Code").
<br />The Fiscal Officer, as the fiscal officer, or any other officer of the
<br />City having responsibility for the issuance of the Notes shall give an
<br />appropriate certificate of the City, for inclusion in the transcript of
<br />proceedings for the Notes, setting forth the reasonable expectations of
<br />the City regarding the amount and use of all the proceeds of the Notes,
<br />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
<br />Notes.
<br />
<br />The City covenants that it (a) will take or cause to be taken
<br />such actions which may be required of it for the interest on the Notes to
<br />be and remain excluded from gross income for federal income tax purposes,
<br />and (b) will not take or permit to be taken any actions which would
<br />adversely affect that exclusion, and that it, or persons acting for it,
<br />will, among other acts of compliance, (i) apply the proceeds of the Notes
<br />to the governmental pur~ose of the borrowing, (ii) restrict the yield on
<br />investment property acquired with those proceeds, (iii) make timely rebate
<br />payments to the federal government, (iv) maintain books and records and
<br />make calculations and reports, and (v) refrain from certain uses of
<br />proceeds, all in such manner and to the extent necessary to assure suçh
<br />exclusion of that interest under the Code. Tbe Fiscal Officer and other
<br />appropriate cffl_cers,.are,. hereby autho.rized and .directed to take: any and
<br />all actions, make calculations and rebate payments, and make or give
<br />reports and certifications as may be appropriate to assure such exclusion
<br />of that interest.
<br />
<br />Section 6. The Notes shall be the full general obligations of
<br />the City of Lakewood and the full faith, credit and revenue of said Çity
<br />
<br />-2-
<br />
|