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<br />Fiscal Officer shall sign and deliver, in the name and on behalf of the City~ a bond registrar
<br />agreement between the City and the Registrar (the "Agreement") The Fiscal Officer shall
<br />provide för the payment of the services rendered and for reimbursement of expenses incurred
<br />pursuant to the Agreement from the proceeds of the Bonds to the extent available, and then from
<br />other moneys lawWly available and appropriated or to be appropriated for that purpose
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<br />SECTION 9 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 Bondswhen due, there shaUbe and is hereby levied on
<br />all taxable property in the City, iu addition to all other taxes, a direct tax annually during the
<br />period the Bonds are outstanding in an amount sufficient to provide funds to pay the interest
<br />upon the Bonds as and when the same fall due, and also to provide a fund for the payment of the
<br />priucipal of the Bonds when due, which tax shall not be less than the iuterest and sinking fund
<br />tax reqúired by Section 11 of Article xn of the Constitution of Ohio. Said tax shall be and is
<br />hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by
<br />the same officers; in the same manner and at the same time that taxes for general purposes for
<br />each of said years are certified, extended and collected. Said tax shall be placed before and in
<br />preference to all other items and for the full amount thereof. The funds derived ITom the tax levy
<br />hereby required shall be placed in a separate and distinct fund, which, together with the interest
<br />collected on the same (other than such interest as may be required to be rebated to the federal
<br />govennnent), shall be irrevocably pledged for the payment of the principal of and iuterest on the
<br />Bonds when and as the same fall due; provided, however, that in each year to the extent that
<br />other revenues are available from other sources for the payment of the Bonds and are
<br />appropriated for such purpose, the amount of such direct tax upon all of the taxable property in
<br />the City shall be reduced by the amount of such other- revenues so available and appropriated.
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<br />. . SECTION 10. The City .covenants tha.t itwill restrict the use and iuvestment of
<br />the proceeds of the Bonds. in such manner audto such extent as may be necessary,. after taking
<br />into account reasonable expectations at the time of the delivery of and payment for the Bonds, so
<br />that (a) the Bonds will not (i) constitute private activity bonds, arbitrage bonds or hedge bonds
<br />under Sections 141, 148, or 149, respectively, of the Jntemal Revenue Code of 1986, as
<br />amended (the "Code") or (ii) be treated other than as bonds to which Section 103 of the Code
<br />applies, and (b) the interest on the Bonds will not be an item of tax preference under Section 57
<br />of the Code. The Director of Finance or any other officer having responsibility for issuing the
<br />Bonds, shall, alone or with any other officer or employee of or consultant to the City, give an
<br />appropriate certificate of the City for inclusion in the transcript or proceedìngs for the Bonds,
<br />setting forth the reasonable expectations of the City regarding the amount and use of all the
<br />proceeds of the Bonds and the facts and estimates on which they are based, all as of the date of
<br />delivery of and payment for the Bonds.
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<br />The City covenants that it (a) will take all actions that may be required ofthe City
<br />for the interest on the Bonds to. he and remain excluded from gross income for federal income
<br />tax purposes, (b) will not take any actions which would adversely affect such exclusion, under
<br />the provisions of federal tax laws that apply to the Bonds~ including the provisions of the Code
<br />and applicable amendments thereto, and (c) will, among other acts of compliance, apply the
<br />proceeds of the Bonds, restrict the yield on investments of, or on obligations acquired with, such
<br />proceeds, make timely rebate payments to the federal government, maintain books and records,
<br />and, refrain from certain uses of proceeds, all in such manner and if and to the extent necessary
<br />for the interest on the Bonds to be and remain excluded rrom gross income for federal income
<br />tax purposes. The Director of Finance, as the fiscal officer, or any other appropriate officer of
<br />the City haviug responsibility for the issuance of the Bonds, is hereby authorized and directed to
<br />take any and all such actions, make such rebate payments and make or give such reports or
<br />certificatións as may be appropriate to assure such exclusion of the interest on the Bonds,
<br />
<br />SECTION II If, in the judgment of the Fiscal Officer, the filing of an
<br />application for a policy of insurance from a company or companies to better assure the payment
<br />of principal and interest on the Bonds, is in the best interest of and financially advantageous to
<br />the City, the Council authorizes and directs the Fiscal Officer to prepare and submit that
<br />application and to provide to that company or companies the information required for the
<br />purpose. This Council hereby authorizes and approves the expenditure of the amounts necessary
<br />to secure such insurance and authorizes and directs the Fiscal Officer tö provide for the payment
<br />of those amounts from any funds lawfully available that are appropriated for that purpose
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<br />{CT0126¡1}
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