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<br />Section 5. The Notes shall be sold at not less than the par value thereof by the
<br />Fiscal Officer at private sale, in a manner detennined by the Fiscal Officer to be in the best
<br />interest and welfare öfthe City andal an Ìl1terest 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 />selection of Calfee, Halter & Griswold LLP, Bond Attorneys, Cleveland, Ohio, as Bond Couusel
<br />for the Notes is hereby confIrmed, 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 1rue
<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 fÌ"om the sale of the Notes, except the
<br />accrned interest thereon, shall be paid into the proper fund and used for the purpose 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 133.15(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 fTom the same sources fTom which the principal of and
<br />interest on the Notes are paid, which monies are hereby appropriated for such purpose., Any
<br />accrued mterest 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 preliminary official statement of the City relating to the original issuance oftlie
<br />Notes is authorized 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) determine, and to certify or otherwise represent, when the official statement is "deemed fmal"
<br />(except for permitted 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 0:4 those official statements and any supplements thereto in connection with the
<br />original issuance of the Notes, and (Hi) 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 of those official statements.
<br />
<br />Section 6. The Notes shall be thU general obligations of the City and the thU faith
<br />and credit of the City are hereby pledged for the prompt payment of the same. The par value to
<br />be received from 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.
<br />
<br />Section 7. 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 armually 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 amouut thereof. The funds derived fTom 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 />~ticipation 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 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 amouut of the revenues so available and
<br />appropriated. So long as the Notes are outstanding, the City hereby covenants to appropriate
<br />annually, to the extent required, sufficient amounts from moneys in the Sloane Avenue Public
<br />Improvement Tax Increment Equivalent Fund to pay principal and interest on the Notes when the
<br />same fall due.
<br />
<br />Section 8.. The Fiscal Officer is authorized and directed to execute a continuing
<br />disclosure certificate (the "Disclosure Certificate") setting forth the City's uudertaking 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
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<br />{ORDINANCE, TIP {KLF374Q-2);2}
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