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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 S. 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 al~er
<br />distribution to prospective purchasers of the Notes of an Invitation for Proposals substantially in
<br />the form attached hereto as F. xhibit 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 hm'~by appropriated to pay, those certain costs of
<br />issuance set forth in Section 133. IS(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 ar~ future financing costs may be 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 Fiscal 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, se~n§ forth the reasonable expectations
<br />of the City regarding the amount and use of all the proceeds of the Notes, the facts,
<br />circum.sm~ces, and ~ on which they are based, and other facts and circumstances relevant
<br />to the tax trealment of inter~ on the Notes.
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<br />The City covenants thai it (a) will take or-canse 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 (b) 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 oflt~ Notes to the governmental purpose of the borrowing,
<br />(ii) r~ric~ the yield on inv~tment 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 all 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 7. 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 repons 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 of the
<br />Notes (the "Noteholders') and to assist the original purchaser in complying with S.E.C.
<br />Rule I$c2-12(b)(~). The City hereby covenants and agrees that it will comply with and carry out
<br />ail of the provisions of the Disclosure Certificate. Failure of the City to comply with the
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