|
<br />SECTION 8 The Fiscal Officer shall appoÍnt a hank or trust company to act as
<br />the authenticating agent, bond registrar, transfer agent and paying agent for the Bonds The
<br />Fiscal Officer shall sign and deliver, in the name and on behalf of the City, a bond registrar
<br />agreement hetween the City and the Registrar (the "Agreement") The Fiscal Officer shall
<br />provide for the payment of the services rendered and for reimbursement of expenses incurred
<br />pursuant to the Agreement :trom the proceeds of the Bonds to the extent available, and then ftom
<br />other moneys lawfully availahle and appropriated or to he appropriated for that purpose,
<br />
<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 samë01täns 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 />al] taxahle property in the City, in addition to all other taxes, a dírect 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 />principal of the Bonds when due, which tax shall not be less than the interest and sinkiug fund
<br />tax required hy Section 1l of Article XII of the Constitution of Ohio Said tax shall he 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 g~neral 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 he placed in a separate and distinct fund, which, together with the Ínterest
<br />collected on the same (other than such interest as may be required to be rebated to the federal
<br />government), shall be irrevocahly pledged for the payment of the principal of and interest 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 ITom 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.
<br />The City covenants that the PILOTs shall be used for the purpose of paying the principal of and
<br />interest on the Bonds.
<br />
<br />SECTION 1o, The City covenants that it win restrict the use and investment of
<br />the proceeds of the Bonds in such manner and to· such extent as may be necessary, after takìng
<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 (í) constitute private activity bonds, arhirrage bonds or hedge hands
<br />under Sectious 14], 148, or 149, respectively, of the lntemal Revenue Code of 1986, as
<br />amended (the "Code") or (íi) be rreated 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 proceedings 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,
<br />
<br />The City covenants that it (a) will take all actions that may be required of the City
<br />for the interest on the Bonds to be. and remain excluded ITom gross income for federal income
<br />tax purposes, (h) win 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 applícahle 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 timelytebate payments to the federal government, maintain books and records,
<br />and reftain from certain uses of proceeods, all in such manner and if and to the extent necessary
<br />for the interest on the Bonds to be and remain excluded from 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 having 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 />certifications as maybe appropriate to assure such exclusion of the interest on the Bonds
<br />
<br />SECTION 1 L If, iu the judgment of the Fiscal Officer, the jjling 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 fmancially advantageous to
<br />the City, the Council authorizes and directs the Fiscal Officer to prepare and submit that
<br />
<br />{.CTOI24;1}
<br />
<br />8
<br />
|