37-07 Advance Refund Outstanding Notes

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(2) (3) The proceeds to be received from the sale of any Bonds issued to refund the Refun~ng Bonds. The proceeds from the sale of the Refunding Bonds to be used to pay Capitalized Interest. (4) Any money remaiulug fi.om the sale of the Refundhag Bonds after the payment of the Financing Costs of the Refunding Bonds and the deposit to the Escrow Fund itu pay the Debt Charges on the Refunded Outstanding Bonds (~) During the years while the Refunding Bonds are outstanding, there will be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually, in an mount sufficient to pay Debt Charges on the Refunding Bonds when due. The tax will not be less than the interest and sinldng fund tax required by Section I 1 ofAttieie XII ofthe Ohio Constitution. The tax will be and is ordered to be computed3 certified, levied, and extended upon the tax list and collected by the same officers, th the same mannex; and at the same time that taxes for general purposes for each of those years are computed, certified, levied~ extended, and enllected; The tax will beplaced before and in preference to all other items and for its full mnount. The money derived fi'om that tax levy must be placed in the Bond Retirement Fund of the City and is irrevocably pledged for the payment of the Debt Charges on the Refunding Bonds, and any Bonds issued to refund the Refimding Bonds, when and as those Debt Charges fall due. The tax provided in (b) above will be reduced in each year the Refunding Bonds are outstanding by the sum of the following items, if available itu pay Debt Charges on the Refanding Bonds and appropriated for that purpose: (1) Any amounts included in the Orig/nal Principal Panount of the Refunding Bonds as Capitalized la~terest. (2) Any surplus in the Bond Retirement Fund. (3) Revenue from the City's smfitary sewer system. (4) ga~y other money lawfully available to the City. Section 11. Federal Tax Matters. The City covenants tbat it will take those actions required to maintain the Federal Tax Status of the Refauding Bonds and that it will not take or permit to be taken any actions that would adversely affect that Federal Tax Status Without limiting these covenas~ts, the City specifically covenants as follows: ia) Private Aetlvlty Bonds. The City will apply the proceeds re~ceived from the sale of the Refunding Bbnds to pay the Debt Charges on the Refunded Outstanding Bunds~ itu pay Capitalized Interest, if any, on the Bonds, and to pay Financing Costs in enunection with the Refunding Bonds. The City will not permit the use of the Projects by any person, will not secure or derive the money for payment of Debt Charges on the Refimding Bonds by any property or payments, and will not loan the proceeds of the Refunding Bonds to any person, ali in lhe manner as to cause the Refunding Bonds to be "private activity bonds" within the meaning of Code Section 141(a). Arbitrage. The City will restrict the use of proceeds of the Refunding Bonds in the manner and to the extent as may be necessary, after taking'into account reasonable expectations at the time of the delivery of and payment for the Refimding Bonds, so that the Refunding Bonds will not constitute "arbitrage bonds" within the meaning of Code Section 148. The Director of Finance or any other official having responsibility for issuing the Refunding Bonds, is authorized and directed, alone or in conjunction with any other official, employee, or consultant of the City, to sign and deliver a certificate of the City, for inclusion in the transcript of proceedings for the Refunding Bonds, setting forth the reasonable expectations of the City on the date of Closing, regarding the amount and use of the proceeds of the Refunding