37-93 Lake House Breakwall Bond $400,000

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interest payments in any year in which principal is payable is substantially equal. ~. It is hereby determined that notes (hereinafter called the 'Notes") in the principal amount of not to exceed $400,000 shall be issued in anticipation of the issuance of said bonds for the above-described purpose. The Notes shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum, as may be fixed by the Fiscal Officer in his certificate awarding the Notes, such interest to be payable at maturity, with provision, if requested by the purchaser, that, in the event of default, the same shall bear interest at a rate not exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum is paid; shall be dated their date of issuance and shall mature on a date between nine months and one Year from such date, as determined by the Fiscal Officer; shall not be subject to redemption by the City at any time prior to maturity; and shall be payable as to both principal and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as determined by the Fiscal officer, without deduction for exchange, collection or service charge. 'Fiscal Officer" as used in this ordinance means the City's Director of Finance, Assistant Director of Finance, Acting Director of Finance or Director of Public Works. The aggregate principal amount of the Notes shall be determined by the Director of Finance in his certificate awarding the Notes. Section a. The Notes shall be designated. 'Lake House Breakwall General Obligation Bond Anticipation Notes - 1993B Renewal"; shall state the purpose for which the Notes are issued; shall state that they are issued pursuant to this ordinance; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that one of such signatures may be a facsimile signature. ~. The Notes shall be sold at private sale at not less than the par value thereof in a manner determined by the Fiscal Officer. The Director of Law shall obtain the services of qualified Bond Counsel, and his selection of Calfee, Halter & Griswold, Bond Attorneys, Cleveland, Ohio, as Bond Counsel for the Notes is hereby confirmed, approved and ratified. The Fiscal Officer shall cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes, to the original purchaser thereof upon payment of the purchase price. The proceeds from the sale of said Notes, except the accrued interest thereon, shall be paid into the proper fund and used for the purpose for which the Notes are being issued under the provisions of this ordinance. The proceeds of the Notes also may be used to pay, and are hereby appropriated to pay, those certain costs of issuance set forth in Section 133.15(B), Ohio Revised Code; any such costs also may be paid out of any other lawfully available moneys of the City, which monies are hereby appropriated to such purpose; any such costs which are future financing costs may be paid from the same sources from which the principal of and interest on the Notes are paid, which monies are hereby appropriated for such purpose~ Any accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal and interest of the Notes in the manner provided by law. The City covenants that it will restrict the use of the pro- ceeds of the Notes in such manner and to such extent, if any, as may be necessary so that the Notes will not constitute arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the "Code'). The Fiscal Officer, as the fiscal officer, or any other officer of the City having responsibility for the issuance of the Notes shall give an appropriate certificate of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City regarding the amount and use of all the proceeds of the Notes, -2-