23-09 Anticipation Notes $850,000 Shoreline, Parks

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(a) Any accrued interest or premium received on the sale of the Notes must be deposited in the Bond Retirement Fund of the City and be used for the payment of interest on the Notes at their maturity. (b) The remainder of the proceeds must be paid into the proper fund or funds and used for the payment of the costs of the Project and any Financing Costs of the Notes to the extent that those Financing Costs are not paid by the Original Purchaser and to the extent that the Director of Finance determines to pay those Financing Costs from the proceeds of the Notes. Section 11. Security and Sources of Payment. 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 from 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 after the payment of Financing Costs 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, certif ed, 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 from that tax levy must be placed in the Bond Retirement Fund of the City and is irrevocably piedged 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 -9-