30-08 Issuance & Sale of Notes Street Improvements

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(b) The amount necessary to pay for any costs of the Project and any Financing Costs of the Notes to the extent that those Financing Costs are not paid by the Underwriter in accordance with the Purchase Agreement and to the extent that the Director of Finance determines to pay those Financing Costs ITom the proceeds of the Notes. (c) The remainder of the proceeds must be paid into the proper fund or funds and used to retire the Outstanding Notes at their maturity. Section 10. Security and Sources of Pavment. The Notes will be general obligations of the City. (a) This Council pledges to the payment of Debt Service on the Notes the full faith and credit of the City including, without limitation: (1) The general taxing power of the City, including the power to levy taxes within the ten-mill limitation, as defined in Section 5705.02, Revised Code. (2) The proceeds to be received ITom the sale of any notes issued to refund or renew the Notes and of the Bonds in anticipation of which the Notes are issued. (3) Any money remaining from the sale of the Notes and not required for the payment of costs of the Project. (b) The Debt Service on the Notes must be paid at their maturity from any of the amounts set forth above pledged to their payment, or any funds of the City otherwise available for their payment. (c) During the years while the Notes are outstanding, there will be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually, subject to tax limitations, not less than the tax that would have been levied had the Bonds been issued without the prior issue of the Notes. The tax must be and is ordered to be computed, certified, levied, and extended upon the tax list and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of those years are computed, certified, levied, extended, and collected. The tax must be placed before and in preference to all other items and for its full amount. The money derived ITom that tax levy must be placed in the Bond Retirement Fund of the City and is irrevocably pledged for the payment of the Debt Service on the Notes, when and as that Debt Service falls due. If any of the following amounts are available for the payment of the Notes and are appropriated for that purpose, the amount of the tax levy in each year must be reduced by the amount available and appropriated: 6