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<br />from the issuance of the Notes shall, to the extent necessary, be used only for the retirement of <br />the Notes at maturity, together with the interest thereon, and is hereby pledged for sU,ch purpose., <br /> <br />Section 8. During the years that the Notes are outstanding, there shall be levied <br />on all the taxable property in the City, in addition to all other taxes, a direct tax annually at the <br />rate not less than that which would have been levied if bonds had been issued withoùt the prior <br />issuance of the Notes, This tax shall be and is hereby ordered éomputed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers, in the same manner and at <br />the same time that taxes for general purposes of each of said years are certified, extended or <br />collected. In addition, this tax shall be placed befüre and in preference to an items and for the <br />full amOWlt thereof. The funds derived rrom the tax levies hereby requIred shall be placed in a <br />separate and distinct fund which, together with the interest collected on the same, shall be <br />irrevocably pledged for the payment of the principal of and interest on the Notes or the bonds in <br />anticipation of which they are issued, when and as the same fall due; provided, however, that in <br />each year to the extent that revenues are available :ITom other sources for the payment of the <br />Notes and bonds and are appropriated for such purpose, the amount of such direct tax upon all of <br />the taxable property in the City shall be reduced by the amount of the rèvenues so available and <br />appropriated. <br /> <br />Section 9.. The Fiscal Officer is authorized mid directed to execute a continuing <br />disclosure certificate (the "Disclosure Certificate") setting forth the City's undertaking to provide <br />annual reports and notices of certain events dated the date of delivery of the Notes and delivered <br />to the original purchaser of the Notes for the benefit of the holders of the Notes (the <br />"Noteholders") and to assist the original purchaser in complying with S.E c.. Rnle 15c2-12(b )(5). <br />The City hereby covenants and agrees that it wiUcomply with and carry out all of the provisions <br />of the Disclosure Certificate" Failure of the City to comply with the Disclosure Certificate shall <br />not be considered an event of default; however, any Noteholder may take such actions as may be <br />necessary and appropriate to cause the City to comply with its obligations under this Section <br /> <br />Section 10. It is hereby determined that all acts, conditions and things necessary <br />to be done precedent to and in the issuing of the Notes, in order to make them legal, valid and <br />binding obligations of the City, have been or will have been done and performed in regular and <br />due form as required by law; and that no limitation of indebtedness or taxation, either statutory <br />or constitutional, will be exceeded in the issuance of the Notes. <br /> <br />Section 11. The Clerk of Council is hereby directed to forward or cause to be <br />forwarded a certified copy of this Ordinance to the County Auditor of Cuyahoga County and to <br />secure a receipt therefor. <br /> <br />Section 12. The Mayor, Director of Finance, Law Director and the Clerk of <br />Council, as appropriate, ate each authorized and directed to prepare, execute and deliver any <br />transcript certificates, financial statements and other documents, agreements, representations and <br />instruments and to take such actions as are necessary or appropriate to consummate the issuance <br />ofthe Notes as provided in this Ordinance <br /> <br />¡ <br />r <br /> <br />Section 13. It is f01md and determined that all fonnal actions of this Council <br />concerning and relating to the passage of this Ordinance were adopted in an open meeting of this <br />Council, and that all such deliberations of this Council and any of its committees that resulted in <br />such formal action, were in meetings open to the ,public, in compliance with all legal <br />requirements, including the City's Charter, Codified Ordinances and any applicable provisions of <br />Section 121.22 of the Ohio Revised Code. <br /> <br />Section 14. This Ordinance is hereby declared to be an emergency measure <br />necessary for the immediate preservation of the public peace, health, safety and welfare in the <br />City, and for the usual daily operation of the City for the reasons set forth and defined in the <br />preamble to this Ordinance, and provided it receives the affinnative vote of at least five (5) of its <br /> <br />{2006 BANS.DOC;l} <br /> <br />4 <br />