|
approved together with such certificates, statements Or other documents in connection with the
<br />finality, accuracy and completeness of those official statements.
<br />
<br /> SECTION 6. The Fiscal Officer shall appoint a bank or trust company to act as
<br />the authenticating agent,' bond. registrar, transfer agent and paying agent for the Bonds (the
<br />"Registrar"). The Fiscal Officer shall sign and deliver, in the name and on behalf of the City, a
<br />Bond Registrar Agreement between the City and the Registrar (the "Agreement"). The Fiscal
<br />Officer shall provide for the payment of the services rendered and for reimbursement of expenses
<br />incurred pursuant to the Agreement from the proceeds of the Bonds to the extent available and
<br />then from other moneys lawfully available and appropriated or to be appropriated for that
<br />purpose.
<br />
<br /> SECTION 7. For the purpose of providing the necessary funds to pay the interest
<br />on the foregoing issue of Bonds promptly when and as the same falls due, and also to provide a
<br />fund sufficient to pay the principal of the Bonds when due, there shall be and is hereby levied on
<br />all taxable property in the' City, in addition to all other taxes, a direct tax annually during the
<br />period said Bonds are to run in an amount sufficient to provide funds to pay the interest upon
<br />said Bonds as and when'the same fall due, and also to provide a fund for the payment of the
<br />principal of the Bonds when due, which tax shall not be less than the interest and sinldng fund
<br />tax required by Section 11 of Article XII of the Constitution of Ohio.
<br />
<br /> SECTION 8. Said tax shall be and is hereby ordered computed, certified, levied
<br />and extended upon the tax duplicate and collected by the same officers, in the same manner and
<br />at the same time that taxes for general purposes for each of said years are certified, extended and
<br />collected. Said tax shall be placed before and in preference to all other items and for the full
<br />amount thereof. The. funds derived from said tax levy hereby required shall be placed in a
<br />separate and distinct fund, which, together with the interest collected on the same (other than
<br />such interest as may be required to be rebated to the federal government), shall be irrevocably
<br />pledged for the payment of the principal of and interest on said Bonds when and as the same fall
<br />due; provided, however, that in each .year to the extent that other revenues are available from
<br />other sources for the payment of the Bonds and are appropriated for such purpose the amount of
<br />such direct tax upon all of the taxable property in the City shall be reduced by the amount of
<br />such other revenues so available and appropriated.
<br />
<br /> SECTION 9. It is hereby determined that all acts, conditions and things necessary
<br />to be done precedent to and in and for the issuing of said Bonds in order to make them legal,
<br />valid and binding obligatiOns of the City have been performed in regular and due form as
<br />required bylaw; that the full faith and credit of said City shall be and are hereby irrevocably
<br />pledged for the prompt payment of the principal and interest thereof at maturity; and that no
<br />limitation of indebtedness or taxation, either statutory or constitutional, will be exceeded in
<br />issuing said Bonds.
<br />
<br /> SECTION 10. The City covenants that it will restrict the use of th~ proceeds of
<br />said Bonds in such manner and to such extent, if any, as may be necessary so that the Bonds will
<br />not constitute 'arbitrage bonds under Section 148 of the Intemai Revenue Code of 1986, as
<br />amended (the "Code"). The Fiscal Officer, as the fiscal officer, or any other officer of the City
<br />having responsibility for the issuance of the Bonds shall give an appropriate certificate of the
<br />City, for inclusion in the transcript of proceedings for the Bonds, setting forth the reasonable
<br />expectations of the City regarding the amount and use of all the proceeds of the Bonds, the facts,
<br />circumstances and estimates on which they are based, and other facts and circumstances relevant
<br />to the tax treatment of the interest on the Bonds.
<br />
<br /> The City further covenants that it '(a) will take or cause to be taken such actions
<br />that may be required of it for the interest on the Bonds to be and remain excluded from gross
<br />income for federal income tax purposes, and (b) will not take or authorize to be taken any actions
<br />that would adversely affect that exclusion, and that it, or persons acting for it, will, among other
<br />acts of compliance, (i) apply the proceeds of the Bonds to the governmental purpose of the
<br />borrowing, (ii) restrict the yield on investment property acquired with those proceeds, (iii) make
<br />timely rebate payments to the federal government, (iv) maintain books and records and make
<br />calculations and reports, and (v) refrain from certain uses of those proceeds, all in such manner
<br />and to the extent necessary to assure such exclusion of that interest under the Code. The Fiscal
<br />Officer and other appropriate officers are authorized and directed to take any and all actions,
<br />
<br />{KLF0963.DOC;I } H:hVENIX'M 4282kKLI~0963.DOC 6
<br />
<br />
<br />
|