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sufficient to pay the principal of the Bonds when due, there shall <br />be and is hereby levied on all taxable property in the City, in <br />addition to all other taxes, a direct tax annually during the <br />period said Bonds are to run in an amount sufficient to provide <br />funds to pay the interest upon said Bonds as and when the same fall <br />due, and also to provide a fund for the payment of the principal of <br />the Bonds when due, which tax shall not be less than the interest <br />and sinking fund tax required by Section 11 of Article XII of the <br />Constitution of Ohio. <br /> <br /> SECTION 8. Said tax shall be and is hereby ordered <br />computed, certified, levied and extended upon the tax duplicate and <br />collected by the same officers, in the same manner and at the same <br />time that taxes for general purposes for each of said years are <br />certified, extended and collected. Said tax shall be placed before <br />and in preference to all other items and for the full amount <br />thereof. The funds derived from said tax levy hereby required <br />shall be placed in a separate and distinct fund, which, together <br />with the interest collected on the same (other than such interest <br />as may be required to be rebated to the federal government), shall <br />be irrevocably pledged for the payment of the principal of and <br />interest on said Bonds when and as the same fall due. <br /> <br /> SECTION 9. It is hereby determined that all acts, <br />conditions and things necessary to be done precedent to and in and <br />for the issuing of said Bonds in order to make them legal, valid <br />and binding obligations of the City have been performed in regular <br />and due form as required by law; that the full faith, credit and <br />revenue of said City shall be and are hereby irrevocably pledged <br />for the prompt payment of the principal and interest thereof at <br />maturity; and that no limitation of indebtedness or taxation, <br />either statutory or constitutional, will be exceeded in issuing <br />said Bonds. <br /> <br /> SECTION 10. The City covenants that it will restrict the <br />use of the proceeds of said Bonds in such manner and to such <br />extent, if any, as may be necessary so that the Bonds will not <br />constitute arbitrage bonds under Section 148 of the Internal <br />Revenue Code of 1986, as amended (the "Code"). The Fiscal Officer, <br />as the fiscal officer, or any other officer of the City having <br />responsibility for the issuance of the Bonds shall give an <br />appropriate certificate of the City, for inclusion in the <br />transcript of proceedings for the Bonds, setting forth the <br />reasonable expectations of the City regarding the amount and use of <br />all the proceeds of the Bonds, the facts, circumstances and <br />estimates on which they are based, and other facts and <br />circumstances relevant to the tax treatment of the interest on the <br />Bonds. <br /> <br /> The City further covenants that it (a) will take or cause <br />to be taken such actions that may be required of it for the <br />interest on the Bonds to be and remain excluded from gross income <br />for federal income tax purposes, and (b) .will not take or authorize <br />to be taken any actions that would adversely affect that exclusion, <br />and that it, or persons acting for it, will, among other acts of <br />compliance, (i) apply the proceeds of the Bonds to the governmental <br />purpose of the borrowing, (ii) restrict the yield on investment <br />property acquired with those proceeds, (iii) make timely rebate <br />payments to the federal government, (iv) maintain books and records <br />and make calculations and reports, and (v) refrain from certain <br />uses of those proceeds, all in such manner and to the extent <br />necessary to assure such exclusion of that interest under the Code. <br />The Fiscal Officer and other appropriate officers are authorized <br />and directed to take any and all actions, make calculations and <br /> <br /> <br />