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Section 4. Pursuant to Section 133.30(B), Ohio Revised Code, the Fiscal Officer
<br /> may combine the Notes with other notes into a single consolidated issue of notes for purposes of
<br /> their sale as a single issue, to be designated "Various Purpose General Obligation Bond
<br /> Anticipation Notes, Series 1997"; such notes shall contain a summary statement of purposes
<br /> encompassing the purpose for which the Notes are issued; shall state that they are issued
<br /> pursuant to this ordinance; shall be issued in such numbers and denominations as may be
<br /> requested by the original purchaser; and shall be executed by the Mayor and Fiscal Officer,
<br /> provided that one of such signatures may be a facsimile signature.
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<br /> Section 5. The Notes shall be sold at not less than the par value thereof in a
<br /> manner determined by the Fiscal Officer to the purchaser offering the lowest interest cost to the
<br /> City at an interest rate not exceeding that specified in Section 3 of this ordinance after
<br /> distribution to prospective purchasers of the Notes of an Invitation for Proposals substantially in
<br /> the form attached hereto as Exhibit 1. The Director of Law shall obtain the services of qualified
<br /> Bond Counsel, and her selection of Calfee, Halter & Griswold LLP, Bond Attorneys, Cleveland,
<br /> Ohio, as Bond Counsel for the Notes is hereby confirmed, approved and ratified. The Fiscal
<br /> Officer shall cause the Notes to be prepared, and have the Notes signed and delivered, together
<br /> with a true transcript of proceedings with reference to the issuance of the Notes, to the original
<br /> purchaser thereof upon payment of the purchase price. The proceeds from the sale of said Notes,
<br /> except the accrued interest thereon, shall be paid into the proper fund and used for the purpose
<br /> for which the Notes are being issued under the provisions of this ordinance. The proceeds of the
<br /> Notes also may be used to pay, and are hereby appropriated to pay, those certain costs of
<br /> issuance set forth in Section 133.15(B), Ohio Revised Code; any such costs also may be paid out
<br /> of any other lawfully available moneys of the City, which monies are hereby appropriated to
<br /> such purpose; any such costs which are future financing costs maybe paid from the same sources
<br /> from which the 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 Retirement Fund
<br /> to be applied to the payment of the principal and interest of the Notes in the manner provided by
<br /> law.
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<br /> The City covenants that it will restrict the use of the proceeds of the Notes in such
<br /> manner and to such extent, if any, as may be necessary so that the Notes will not constitute
<br /> arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the
<br /> "Code"). The F'~,,al Officer, as the fiscal officer, or any other officer of the City having
<br /> responsibility for the issuance of the Notes shall give an appropriate certificate of the City, for
<br /> inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations
<br /> of the City regarding the amount and use of all the proceeds of the Notes, the facts,
<br /> cireurnstanees, and estimates on which they are based, and other facts and circumstances relevant
<br /> to the tax treatment of interest on the Notes.
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<br />....... The City covenants that it (a) will take or cause to be taken such actions which
<br /> may be required of it for the interest on the Notes to be and remain excluded from gross income
<br /> for federal income tax purposes, and Co) will not take or permit to be taken any actions which
<br /> would adversely affect that exclusion, and that it, or persons acting for it, will, among other acts
<br /> of compliance, (i)apply the proceeds of the Notes to the governmental purpose of the borrowing,
<br /> (ii) restrict the yield on investment property acquired with those proceeds, (iii)make timely
<br /> rebate payments to the federal government, (iv)maintain books and records and make
<br /> calculations and reports, and (v) refrain from certain uses of proceeds,'all in such manner and to
<br /> the extent necessary to assure such exclusion of that interest under the Code. The Fiscal Officer
<br /> and other appropriate officers are hereby authorized and directed to take any and ail actions,
<br /> make calculations and rebate payments, and make or give reports and certifications as may be
<br /> appropriate to assure such exclusion of that interest.
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<br /> Section T.. The Fiscal Officer is authorized and directed to execute a
<br /> continuing disclosure certificate (the "Disclosure Certificate") setting forth the City's
<br /> undertaking to provide annual reports and notices of certain events dated the date of delivery of
<br /> the Notes and delivered to the original purchaser of the Notes for the benefit of the holders ot the
<br /> Notes (the "Notcholders") and to assist the original purchaser in complying with S.E.C.
<br /> Rule 15c2-12(bX5). The City hereby covenants and agrees that it will comply with and carry out
<br /> all of the provisions of the Disclosure Certificate. Failure of the City to comply with the
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