39-12 Retire Outstanding Note with Bond Proceeds

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"Principal Payment Dates" means December 1 in each of the years from and including 2013 to and including 2023; provided, however, that the first Principal Payment Date may be deferred one year and the last Principal Payment Date may be advanced up to five years if such actions are determined by the Director of Finance in the Final Terms Certificate to be in the best interest of and financially advantageous to the City and further provided that in no case shall the last Principal Payment Date exceed the maximum maturity of the Bonds. "Rule" means Rule 15c2-12 prescribed by the SEC pursuant to the Securities Exchange Act of 1934. "SEC" means the Securities and Exchange Commission. "Serial Bonds" means .those Bonds designated as such and maturing on the Principal Payment Dates set forth in the Final Terms Certificate. "Series 2003 Bonds" means the City's Various Purpose General Obligation Bonds, Series 2003. "Term Bonds" means those Bonds, if any, designated as such and maturing on the Principal Payment Dates set forth in the Final Terms Certificate. Section 2. It is necessary and determined to be in the City's best interest to issue bonds of this City in an aggregate principal amount not to exceed $6,150,000 (the "Bonds") to retire a portion of the Outstanding Note and to pay the financing costs of the issuance of the Bonds. The aggregate principal amount of Bonds to be issued (not to exceed $6,150,000) shall be determined by the Director of Finance in the Final Terms Certificate to be the aggregate principal amount of Bonds that is required to be issued at this time for the purpose stated in this Section 2. The Bonds shall be designated as the "Various Purpose Refunding Bonds, Series 2012" and shall be issued pursuant to the terms of this Ordinance, the Final Terms Certificate and Ohio Revised Code Chapter 133. The portion of the proceeds from the sale of the Bonds to be used to retire the Outstanding Note shall be deposited into the Bond Retirement Fund and used for that purpose. The portion of the proceeds from the sale of the Bonds to be used to pay the financing costs of issuance of the Bonds shall be deposited into an appropriate fund and used for that purpose. Any proceeds of the Bonds not spent 120 days after the issuance of the Bonds shall be transferred to the Bond Retirement Fund and used to pay principal of or• interest on the Bonds when due. All interest earned derived from the proceeds of the Bonds (including interest earned on such interest) shall be credited to the fund in which such proceeds are deposited and used for the purposes set forth above, and shall not be transferred to the General Fund. All of the proceeds of the Bonds and interest earned on those proceeds (and the interest on such interest) are hereby appropriated for the purposes set forth above.