19-96 1995 Motorized Equip Bond $481,800

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payable as to both principal and interest az 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, col!ecuion 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. Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer may combine the No~es with other notas into a single consolidated issue of notes for purposes of their sale as a single issue, to be designated "Various Purpose General Obligation Bond Anticipation Notes, Series !996"; such notes shall contain a summary statement o~ purposes encompassing the purpose for which the Notes are issued; shall state that they are issued pursuanu 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. ~ection 5. The Notes shall be sold at not less than the par value thereof in a manner determined by the Fiscal Officer to the purchaser offering the lowest interest cost to the City at an interest rate not exceeding that specified in Section 3 of this ordinance after distribution to prospective purchasers of the Notes of an Invitation for Proposals substantially in the form attached hereto as Exhibit I. The Director of Law shall obtain the services of qualified Bond Counsel, and her 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 aisc may be used to pay, and are hereby appropriated to pay, those certain costs cf issuance set forth in Section 133.15(B), Ohio Revised Code; any such ccsus also may be paid out of any other lawfully available moneys of the City, which monies are hereby appropriated to such purpose; any such cosus 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 inueresu of the Notes in the manner provided by law. The City covenants that it will restrict the use of the proceeds 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 Noues shall gzve an appropriate certificate of the City, for inclusion in the uranscript of proceedings for the Notes, seuuing forth the reasonable expectations of the City regarding the amounu and use of all the proceeds of the Notes, the facts, circumsuances, and estimates on which they are based, and other facts and circumstances relevant to the tax treatment of interest on the Notes. The City covenants that it (a) will take or cause to be taken such actions which may be required of it for the interest on the Notes uo be and remain excluded from gross income for federal -2-