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<br />Section 5 The Notes shall be sold at ¡lot less than the par value thereof by the
<br />Fiscal Officer at private sale, in a manner determined by the Fiscal Officer to be in the best
<br />mterest arid welfare of the City and at an interest rate not exceeding that specified in Section 3 of
<br />this Ordinance. The Director of Law shall obtain the services of qualified Bond Counsel, and his
<br />selectiou of Calfee, Halter & Griswold LLP, Bond Attorneys, Cleveland, Ohio, as Bond Counsel
<br />for the Notes is hereby confinned, approved and ratified. The Fiscal Officer shall cause the
<br />Notes to be prepared and shall have the Notes signed and delivered, together with a true
<br />transcript of proceedings with reference to the issuance of the Notes, to the original purchaser
<br />thereof upon payment of the purchase price. The proceeds fÌom the sale of the Notes, except the
<br />accrued interest thereon, shall be paid into the proper fund and used for the purpöse for which the
<br />Notes are being issued under the provisions of this ordinance. The proceeds of the Notes also
<br />may be used to pay, and are hereby appropriated to pay, those certain costs of issuance set forth
<br />in Section 133.l5(B) of the Ohio revised Code. Any of such costs also may be paid out of any
<br />other lawfully available moneys of the City, which monies are hereby appropriated for such
<br />purpose. Any of such costs may be paid fÌom the same sources fÌom which the principal of and
<br />interest on the Notes are paid, which monies are hereby appropriated for such purpose. Any
<br />accrued interest shall be paid into the Bond Retirement Fund, to be applied to the payment of the
<br />principal and interest on the Notes in the manner provided by law
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<br />A pre1iminary official statement of 11Ie City relating to the original issuance of the
<br />Notes is aufuorized to be distributed. The Mayor and Fiscal Officer, and anyone of them, are
<br />authorized and directed to complete and sign, on behalf of the City and in their official
<br />capacities, an official statement, with such modifications, changes and supplements from the
<br />preliminary official statement as those officers or anyone of them shall approve or authorize.
<br />Those officers are authorized, on behalf of the City and in their official capacities, to
<br />(i) detennine, and to certify or otherwise represent, when the official statement is "deemed final"
<br />(except for pennitted omissions) by the City as of its date or is a final official statement for
<br />purposes ofSEC Rule 15c2-12(b)(I), (3) and (4), (Ii) use and distribute, or authorize the use and
<br />distribution of, those official statements and any supplements thereto in connection with the
<br />original issuance of the Notes, and (iii) complete and sign those official statements as so
<br />approved together with such certificates, statements or other documents in connection with the
<br />finality, accuracy and completeness oftþ.ose official statements.
<br />
<br />Section 6. The City covenants that it will restrict the use of the proceeds of the
<br />Notes in such manner and to such extent, if any, as may be necessary so that the 'Notes will not
<br />constitute arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended
<br />(the "Code"). The Director of Finance of the City, as the fiscal officer, or any other officer of the
<br />City, including the Clerk, having responsibility for the issuance of the Notes shall give an
<br />appropriate certificate of the City, for inclusion in the transcript of proceedings for the Notes,
<br />setting fòrth the reasonable expectations of the City regarding the amount and use of all the
<br />proceeds of the Notes, the facts, circumstances, and estimates on which they are based, and other
<br />facts and circumstances relevant to the tax treatment of interest on the Notes.
<br />
<br />The City covenants that (a) it will take or cause to be taken such actions which
<br />may be required of it for the interest on the Notes to be and remain excluded from gross .:income
<br />for federal income tax purposes, and (b) it will not take or pennit to be taken any actions which
<br />would adversely affecl that exclusion, and that it, or persons acting fòr it, will, among other acts
<br />of compliance, (i) apply the proceeds of the Notes to the governmental purpose of the borrowing,
<br />(ii) restrict the yield on investment property acquired with those proceeds, (iii) make timely
<br />rebate payments to the federal government, (iv) maintain þooks and records and make
<br />calculations and reports, and (v) refÌain fÌom certain uses of proceeds, all in such manner and to
<br />the extént necessary to assure such exclusion of that interest under the Code. The Director of
<br />Finance and other appropriate officeÌ's of the City are hereby authorized and directed to take any
<br />and all actions, make calculations and rebate payments, and take or give reports and
<br />certifications as may be appropriate to assure such exclusion of that interest.
<br />
<br />Section 7. The Notes shall be full general obligations of the City and the full faith
<br />and credit of the City are hereby pledged for the prompt payment of the same. The par value to
<br />be received ITom the sale of the bonds anticipated by the Notes and any excess funds resulting
<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 such purpose.
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<br />{2006 BANS AMENDED WASTEWATER TREA1MENTPLANf (KLF3686);l)
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