Laserfiche WebLink
<br />Section 10. Security and Sources of Payment. The Notes will be general obligations <br />of the City, <br /> <br />(a) This Council pledges to the payment of Debt Service on the Notes the full faith <br />and credit of the City including, without limitation: <br /> <br />(1) The general taxing power of the City, including the power to levy taxes <br />within the ten-mill limitation, as defmed in Section 5705,02, Revised <br />Code, <br /> <br />(2) The proceeds to be received from the sale of any notes issued to refimd or <br />renew the Notes and of the Bonds in anticipation of which the Notes are <br />issued, <br /> <br />(3) Any money remaining :from the sale of the Notes and not required for the <br />payment of costs of the Project. <br /> <br />(b) The Debt Service on the Notes must be paid at their maturity from any of the <br />amounts set forth above pledged to their payment, or any fimds of the City <br />otherwise available for their payment, <br /> <br />(c) During the years while the Notes are outstanding, there will be levied on all the <br />taxable property in the City, in addition to all other taxes, a direct tax armually, <br />subject to tax limitations, not less than the tax that would have been levied had the <br />Bonds been issued without the prior issue of the Notes, The tax must be and is <br />ordered to be computed, certified, levied, and extended upon the tax list and <br />collected by the same officers, in the same marmer, and at the same time that <br />taxes for general purposes for each of those years are computed, certified, levied, <br />extended, and collected, The tax must be placed before and in preference to all <br />other items and for its full amount, The money derived from that tax levy must be <br />placed in the Bond Retirement Fund of the City and is irrevocably pledged for the <br />payment of the Debt Service on the Notes, when and as that Debt Service falls <br />due, If any of the following amounts are available for the payment of the Notes <br />and are appropriated for that purpose, the amount of the tax levy in each year <br />must be reduced by the amount available and appropriated: <br /> <br />(1) Any surplus in the Bond Retirement Fund, <br /> <br />(2) Proceeds received from the sale of the Bonds or any notes issued to refimd <br />or renew the Notes, <br /> <br />(3) Any other money lawfully available to the City, <br /> <br />Section 11. Federal Tax Matters. The City covenants that it will take those actions <br />required to maintain the Federal Tax Status on the Notes and that it will not take or permit to be <br /> <br />6 <br />