19-12 BAN to refund Series 2003 GO Bonds $6,025,000

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Purchaser upon payment of the prochase price. The Mayor, the Director of Finance, the Director of Law, the Clerk of Council and other City officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance. The Director of Finance is authorized, if it is determined to be in the best interest of the City, to combine the Notes with one or more other note issues of the City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code. Section 7. Proceeds fi•om the sale of the Notes sufficient, together with other moneys available to the City, to refund the Refunded Bonds shall be deposited into the Escrow Fund in accordance with the Escrow Agreement (the "Escrow Agreement") between the City and The Huntington National Bank (the "Escrow Trustee"). The remaining proceeds fiom the sale of the Notes, together with other moneys available to the City, shall be deposited into an appropriate fund of the City and used to pay costs of issuance. Any amount remaining in that fund 120 days after the issuance of the Notes shall be transferred to the Bond Retirement Fund and used to pay principal of the Notes when due. Any income earned from the investment of the proceeds fiom the sale of the Notes shall be deposited into the fund in which such proceeds are deposited (and shall not be transferred to the General Fund). The proceeds of the Notes and investment earnings on those proceeds are hereby appropriated for the uses described above. Section 8. The par value to be received from the sale of the Bonds or• of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the principal of and interest on the Notes at maturity and are pledged for that purpose. Section 9. Droing the year or years in which the Notes are outstanding, there shall be levied on all the taxable property in the City, in addition to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the ten-mill limitation imposed by law, shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general proposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the principal of and interest on the Notes or the Bonds when and as the same fall due. In each year to the extent money from the City's sanitary sewer utility is available for the payment of the principal of and interest on that portion of the Notes or Bonds issued for the portion of the improvement used by the sanitary sewer utility, and to the extent such money is appropriated for that purpose, the tax to be levied shall be reduced by the amount of money so available and appropriated. Nothing in this paragraph in any way diminishes the pledge of the full faith and credit and property taxing power of the City to prompt payment of the principal of and interest on the Notes and the Bonds. Section 10. The City covenants that it will use, and will restrict the use and investment of, the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the Notes will not (i) constitute private activity bonds, arbitrage bonds or• hedge bonds under 4