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maximum interest rate of ten per centum (10%) per annum, as may be fixed
<br />by the Fiscal Officer in his certificate awarding the Notes, such interest
<br />to be payable at maturity, with provision, if requested by the purchaser,
<br />that, in the event of default, the same shall bear interest at a rate not
<br />exceeding the maximum interest rate of ten per centum (10%) per annum
<br />until the principal sum is paid; shall be 'dated their date of issuance and
<br />shall mature on a date between two months and six months from such date,
<br />as determined by the Fiscal Officer; shall not be subject to redemption by
<br />the City at any time prior to maturity; and shall be payable as to both
<br />principal and interest at the office of the Fiscal Officer of the City, or
<br />at banks or trust companies, as determined by the Fiscal Officer, without
<br />deduction for exchange, collection or service charge. "Fiscal Officer" as
<br />used in this ordinance means the City's Director of Finance, Assistant
<br />Director of Finance, Acting Director of Finance or Director of Public
<br />Works.
<br />
<br /> Section 4. The Notes shall be designated "Lake House
<br />Breakwall General Obligation Bond Anticipation Notes 1993 Renewal";
<br />shall state the purpose for which the Notes are issued; shall state that
<br />they are issued pursuant to this ordinance; shall be issued in such
<br />numbers and denominations as may be requested by the original purchaser;
<br />and shall be executed by the Mayor and Fiscal Officer, provided that one
<br />of such signatures may be a facsimile signature.
<br />
<br /> Section 5. The 'Notes shall be sold at private sale at not
<br />less than the par value thereof in a manner determined by the Fiscal
<br />Officer. The Director of Law shall obtain the services of qualified Bond
<br />Counsel, and his selection of Calfee, Halter & Griswold, Bond Attorneys,
<br />Cleveland, Ohio, as Bond Counsel for the Notes is hereby confirmed,
<br />approved and ratified. The Fiscal Officer shall cause the Notes to be
<br />prepared, and have the Notes signed and delivered, together with a true
<br />transcript of proceedings with reference to the issuance of the Notes, to
<br />the original purchaser thereof upon payment of the purchase price. The
<br />proceeds from the sale of said Notes, except the accrued interest thereon,
<br />shall be paid into the proper fund and used fOr the purpose for which the
<br />Notes are being issued under the provisions of this ordinance. The
<br />proceeds of the Notes also maybe used to pay, and are hereby appropriated
<br />to pay, those certain costs of issuance set forth in Section 133.15(B),
<br />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
<br />appropriated to such purpose; any such costs which are future financing
<br />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
<br />such purpose. Any accrued interest shallbe paid into the Bond Retirement
<br />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 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,
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