|
<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, Series 1993B"; 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 Fi"scal 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 services of
<br />qualified bond counsel and his selection of Calfee, Halter & Griswold, Bond
<br />Attorneys, Cleveland, Ohio, is h¿reby 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 us~d 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"). Thê Fiscal Officer, or any other
<br />officer of the City having responsibility for the issuance of the Notes shall
<br />give an appropriate certificate of the City, for inclusion in the transcript of
<br />proceedings for the Notes, setting forth the reasonable expectations of the City
<br />regarding the amount and use of all the proceeds of the Notes. the facts,
<br />circumstances, and estimates on which they are based, and other facts and
<br />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 inçome 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 persohs acting for it, will, among other acts of
<br />compl~ance, (i) apply the proceeds of the Notes to the governmental purpose of
<br />the borro,wing, (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 tp 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.
<br />
<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
<br />
<br />-2-
<br />
|