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<br />with the Purchase Agreement, this Council authorizes and directs the Director of <br />Finance to provide for the payment of those Financing Costs from the proceeds of <br />the Notes to the extent available and, otherwise, from any other fimds lawfully <br />available and appropriated for the purpose, <br /> <br />Section 9. Use of Note Proceeds. The proceeds from the sale of the Notes must be <br />deposited and used as provided in this Section 9, <br /> <br />(a) Any accrued interest or premium received on the sale of the Notes must be <br />deposited in the Bond Retirement Fund of the City and be used for the payment of <br />interest on the Notes at their maturity, <br /> <br />(b) The amount necessary to pay for any Financing Costs of the Notes to the extent <br />that those Financing Costs are not paid by the Underwriter in accordance with the <br />Purchase Agreement and to the extent that the Director of Finance determines to <br />pay those Financing Costs from the proceeds of the Notes, <br /> <br />(c) The remainder of the proceeds must be paid into the proper fimd or fimds and <br />used to retire the Outstanding Notes at their maturity, <br /> <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 />(I) The general taxing power of the City, including the power to levy taxes <br />within the ten-mill limitation, as defined 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 /> <br />6 <br />