31-06 Issuance/Sale of Notes - Traffic Signals $138,000

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from the issuance of the Notes shall, to the extent necessary, be used only for the retirement of the Notes at maturity, together with the interest thereon, and is hereby pledged for such purpose. Section 8. During the years that the Notes are outstanding, there shall be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually at the rate not less than that which would have been levied if bonds had been issued without the, prior issuance of the Notes. This tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes of each of said years are certified, extended or collected, In addition, this tax shall be placed before and in preference to all items and for the full amount thereof The funds derived from the tax levies hereby required shall be placed in a separate and distinct fund which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal of and interest on the Notes or the bonds in anticipation of which they are issued, when and as the same fall due; provided, however, that in each year to the extent that revenues are available from other sources for the payment of the Notes and bonds and are appropriated for such purpose, the amount of such direct tax upon all of the taxable property in the City shall be reduced by the amount of the revenues so available and appropriated. Section 9 The Fiscal Officer is authorized and directed to execute a continuing disclosure certificate (the «Disclosure Certificate") setting forth the City's undertaking to provide annual reports and notices of certain events dated the date of delivery of the Notes and delivered to the original purchaser of the Notes for the benefit of the holders of the Notes (the "Noteholders") and to assist the original purchaser in complying with S.E.C Rule 15c2-12(b)(5). The City hereby covenants and agrees that it will comply with and carry out all of the provisions of the Disclosure Certificate, Failure of the City to comply with the Disclosure Certificate shall not be considered an event of default; however; any Noteholder may take such actions as may be necessary and appropriate to cause the City to comply with its obligations under this Section Section 10. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing Qf the Notes, in order to make them legal, valid and binding obligations of the City, have been or will have been done and performed in regular and due fonn as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will be exceeded in the issuance of the Notes, Section 11. The Clerk of CouncB is hereby directed to forward or cause to be forwarded a certified copy of this Ordinance to the County Auditor of Cuyahoga County and to secUre a receipt therefor Section 12 The Mayor, Director of Finance, Law Director and the Clerk of Council, as appropriate, are each authorized and directed to prepare, execute and deliver any transcript certificates, fmancial statements and other documents, agreements, representations and instruments and to take such actions as are necessary or appropriate to consummate the issuance of the Notes as provided in this Ordinance. Section 13, It is found and determined that an fonnal actions of this Council concerning and relating to the passage of this Ordinance were adopted in an open meeting of this Council, and thai all such deliberations of this Council and any of its committees that resulted in such fonnal action, were in meetings open to the public, in compliance with all legal requirements, including the City's Charter, Codified Ordinances and any applicable provisions of Section 12122 of the Ohio Revised Code. Section 14< This Ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety and welfare in the City, and for the usual daily operation of the City for the reasons set forth and defmed in the preamble to this Ordinance, and provided it receives the affmnative vote of at least five (5) of its {2006 Bfu~S.DOC;l} 4