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<br />rrom the issuance of the Notes shaU, to the extent necessary, be used amy for the retirement of <br />the Notes at maturity, together with the interest thereo~ and is hereby pledged for $l1éh 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 without the prior <br />issuance of the Notes. This tax shall be and ,is hereby ordered computed, .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 before and in preference to all items and for the <br />full amount thereof The funds derived from the tax levies hereby required shall be plJ;l.ced 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 a¡;; the same fall due; provided, however, that in <br />each year to the extent that revenues are available from 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 revenues so available and <br />appropriated. <br /> <br />Section 9. The Fiscal Officer is authorized and directed to execute a continuing <br />disclosure certificate (the "Disclosure Certificate") setting forth the City's undertak:iÍ1g 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 bençfit of the holders of the Notes (the <br />''Noteholders'') and to assist the original purchaser in complying With S.KG Rule 15c2-12(b)(5) <br />The City hereby covenants and agrees that it will comply 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, are each authorized and directed to prepare, execute and deliver any <br />transcript certificates, :fu;tancial statements and other documents, agreements, representations and <br />instruments and to take such actions as are necessary or appropriate to consummate the issuance <br />of the Notes as provided in this Ordinance <br /> <br />Section 13. It is found and determined that all formal 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 fonnal 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 ofthe 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 affirmative vote of at least five (5) of its <br /> <br />{2006 BANS:DQC;l} <br /> <br />4 <br />