37-09 Repeal Ordinance 26-09 - Laserfiche WebLink

Home Browse Search

(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 otheivvise 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 from 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: (1) Any surplus in the Bond Retirement Fund. (2) Proceeds received from the sale of the Bonds or any notes issued to refund or renew the Notes. (3) Any other money lawfully available to the City. Section 12. Federal Tax Matters. The City covenants that it will take those actions required to maintain the Federal Tax Status on the Notes and that it will not take or permit to be taken any actions that would adversely affect that Federal Tax Status. Without limiting these covenants, the City specifically covenants as follows: (a) Private Activity Bonds. The City will apply the proceeds received from the sale of the Notes to pay costs of the Project and to pay the Financing -10-