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certificate awarding the Notes. such interest to be payable at maturity, with provision, if <br />requested by the purchaser, that. in the event of default, the same shall bear interest at a rate not <br />exceeding the maximum interest rate of ten per centum (10%) per annum until the principal sum <br />is paid; shall be dated their date of issuance and shall mature on a date between six months and <br />one year from such date. inclusive, as determined by the Fiscal Officer; shall not be subject to <br />redemption by the City at any time prior to maturity; and shall be payable as to both principal <br />and interest at the office of the Fiscal Officer of the City, or at banks or trust companies, as <br />determined by the Fiscal Officer, without deduction for exchange, collection or service charge. <br />"Fiscal Officer" as used in this ordinance means the City's Director of Finance or Assistant <br />Director of Finance. <br /> <br /> 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 1997B"; 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. <br /> <br /> Section 5. The Notes shall be sold at the par value thereof by the Fiscal Officer at <br />private sale in a manner determined by the Fiscal Officer to be in the best interest and welfare of <br />the City and at an interest rate not exceeding that specified in Section 3 of this ordinance. The <br />Director of Law shall obtain the services of qualified Bond Counsel, and her selection of Calfee, <br />Halter & Griswold LLP, Bond Attorneys, Cleveland. Ohio, as Bond Counsel for the Notes is <br />hereby confirmed, approved and ratified. The Fiscal Officer shall cause the Notes to be prepared, <br />and have the Notes signed and delivered, together with a true transcript of proceedings with <br />reference to 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 interest thereon, <br />shall be paid into the proper fund and used for the purpose for which the Notes are being issued <br />under the provisions of this ordinance. The proceeds of the Notes also may be used to pay, and <br />are hereby appropriated to pay, those certain costs of issuance set forth in Section 133.15(B), <br />Ohio Revised 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 which are <br />future financing costs may be paid fi.om the same sources from which the pnncipal of and <br />interest on the Notes are paid, which monies are hereby appropriated for such purpose. Any <br />accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the <br />principal and interest of the Notes in the manner provided by law. <br /> <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 gtve 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 />circumstances, and estimates on which they are based, and other facts and circumstances relevant <br />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 actions which <br />may be required of it fbr the interest on the Notes to be and remain excluded from gross income <br />for federal income tax purposes, and (b) ~vill not take or permit to be taken any actions which <br /> <br />H: FENIX' 1 -;282% 14282EEC,81B 2 <br /> <br /> <br />