41-06 Issue Bonds - Storm & Sanitary Sewers $2,300,000

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rrom the issuance of the Notes shàlI, 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 an 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, fhis tax shall be placed before and in preference to all items and for the full amount thereof. The funds derived f1:om 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 rrom 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 áball 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 annua\ reports and notices of certain events dàted 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.KC Rule 15c2c12(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 òf 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 of the Notes, in order to make them legal, valid and binding obligations of the City, have been or will bave 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 Council is hereby directed to forward or cause to be forwarded a certified copy of fhis Ordinance to the County Auditor of Cuyáboga County and to secure á 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, financial statements and other documents, agreements, representations and instruments and to take such actions as are necessary or appropriate to constunmate the issuance of the Notes as provided in fhis Ordinance. Section 13. It is found and determined that all formal actions of fhis Council concerning and relating to the passage of this Ordinance were adopted in an open meeting of this CoUncil, and that all such deliberations of fhis Council and any of its committees tbat resulted in such f~nnal action, were in meetings open to the public, in compliance with all legal requirements, including the Ci,ty's Charter, Codified Ordinances and any applicable provisions of Section 121.22 of the Ohio Revised Code. {KLF368S.DOC;1}