24-05 Issuance/Sale of Bonds General Obligations Bonds

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SECTION 5 The Bonds are hereby awarded and sold at private sale to the Original Purchaser, in accordance with law, the provisions of this Ordinance and the Original Purchaser's offer to purchase the Bonds (as set forth in the Bond Purchase Agreement) at the purchase price specified in the Certificate of Award (the "Purchase Price"), and the Fiscal Officer is hereby authorized and directed to sign and deliver, in the name and on behalf of the City, a Bond Purchase Agreement between the City and the Original Purchaser The Mayor and the Fiscal Officer, as appropriate, are each authorized mid directed to sign any transcript certificates, financial statements and other documents, agreements, representations and instruments, and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance. The Fiscal Officer, in accordance with his detennination of the best interests of and frnancial advantages to the City and conditions then existing in the [mandal market, all consistently with the prov;isiolls of tbis Ordinance, shall establish the terms of the Bonds to be specified in the Certificate of Award in accordance with the terms set out at Section 6 ofthís Ordinance, sign the Certificate of Award evidencing the sale of the Bonds, calise the Bonds to be prepared, and have the Bonds signed and delivered, together wiilia true transcript of proceedings with reference to the issuance of the Bonds, to the Original Purchaser upon payment of the Purchase Price. The Director of Law shall obtain the services of qualified Bo¡¡d COU11sel, and his selection of Calfee, Halter & Griswold LLP, Bond Attorney¡;, Cleveland, Ohio, as Bond Counsel for the Bonds is hereby confirmed, approved and ratified, Proceeds from the sale of the Bonds may be used to pay those certain costs of issuance set forth in Section 133 .15(B) of the Ohio Revised Code Such casts also may be paid out of any other lawfully available moneys of the City and any such costs which are future financing costs may be paid :ITom the same sources fr,om wbieh the principal of and interest on the Bonds are paid. I SECTION 6 The Fiscal Officer is hereby authorized to determiue and specify in the Certificate of Award the following terms and provisions with respect to the Bonds' I) the aggregate principal amoU11t, provided that such amount shall not exceed the aggregate principal amoU11t of $9,695,000; 2) the principal amoU11ts attributed to each of the purposes for which the Bonds are bemg issued (such. principal amount may be "none" for one or more of such purposes); provided, that none of those principal amounts shall exceed the corresponding maximum principal amounts established för each of such purposes in Section 1 of this Ordinance; 3) the interest rates on the Bonds, provided that the weighted average of such rates shall not exceed 7%, calculated by dividing, the total interest payments for the issue (reduced by any premium or accrued interest paid as part of the price for the issue paid to the Original Purchaser by subsequent purchasers of the, Bonds (the "reoffering price"), and increased by any discount included in the reoffering price), by the product of the reoffering price and the weighted average maturity of the Bonds. For purposes of this subparagraph 3), the weighted average maturity is the sum of the products of the re-offering price of each maturity and the number of years, to maturity (determined separately for each maturity and by taking into account mandatory redemptions) divided by the reoffering price of the entire- issue; 4) the Purchase Price, provided that the amount thereof (excluding any portion thereof representing accrued interest on the Bonds :ITom their date to the date of their delivery) shall be not less than ninety-seven percent (97%) of the aggregate principal amoU11t of the Bonds; 5) the date of the Bonds, provided that the Bonds shall be dated no later than December I, 2005; 6) the Interest Payment Dates, provided that the Interest Payment Dates shall occur semiaU11ually, and provided further that the first Interest Payment Date shall occur no later than December 1, 2006: {KLF2993;2} 7