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SUBSTITUTE: Placed on I" Reading & Referred <br />to Finance Committee 2/1/16. <br />Second Reading 2/16/16. <br />The City may decide to discontinue use of the book -entry system through the Depository. In that <br />event, Bond certificates will be printed and delivered to the Depository. <br />If any Depository determines not to continue to act as a depository for the Bonds for use in a book - <br />entry system, the City and the Bond Registrar may attempt to establish a securities depository/book -entry <br />relationship with another qualified Depository under this Ordinance. If the City and the Bond Registrar do <br />not or are unable to do so, the City and the Bond Registrar, after the Bond Registrar has made provision for <br />notification of the beneficial owners by the then Depository, shall permit withdrawal of the Bonds from the <br />Depository and authenticate and deliver bond certificates in fully registered form to the assigns of the <br />Depository or its nominee, all at the cost and expense (including costs of printing and delivering definitive <br />Bonds), if the event is not the result of action or inaction by the City or the Bond Registrar, of those persons <br />requesting such issuance. <br />Section 10. Debt Service Lew. There shall be and is hereby levied annually on all the taxable <br />property in the City, in addition to all other taxes and inside the ten mill limitation, a direct tax (the "Debt <br />Service Levy ") for each year during which any of the Bonds are outstanding, for the purpose of providing, <br />and in an amount which is sufficient to provide, Rinds to pay interest upon the Bonds as and when the same <br />falls due and to provide a fiord for the repayment of the principal of the Bonds at maturity or upon <br />redemption . The Debt Service Levy shall not be less than the interest and sinking find tax required by <br />Article XII, Section 11 of the Ohio Constitution; provided, however, that in each year to the extent that <br />Rinds are available from other sources and are lawfully appropriated for the payment of the Bonds, the <br />amount of the Debt Service Levy shall be reduced by the amount of such funds so available and <br />appropriated. <br />The Debt Service Levy shall be and is hereby ordered computed, certified, levied and extended <br />upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that <br />taxes for general purposes for each of such years are certified, extended and collected. The Debt Service <br />Levy shall be placed before and in preference to all other items and for the full amount thereof. The funds <br />derived from the Debt Service Levy shall be placed in a separate and distinct fund, which shall be <br />irrevocably pledged for the payment of the interest and principal of the Bonds when and as the same falls <br />due. <br />Section 11. Sale of the Bonds. The Bonds shall be sold at private sale to KeyBanc Capital <br />Markets Inc., Cleveland, Ohio (the "Original Purchaser "), at the purchase price set forth in the Certificate of <br />Fiscal Officer, plus interest accrued to the date of delivery of the Bonds to the Original Purchaser. The <br />Director of Finance and the Mayor of the City, or either of them individually, are authorized and directed to <br />execute on behalf of the City a Bond Purchase Agreement with the Original Purchaser, setting forth the <br />conditions under which the Bonds are to be sold and delivered, which Bond Purchase Agreement shall be in <br />such form, not inconsistent with this Ordinance, as the Director of Finance shall determine. <br />Any accrued interest received from the sale of the Bonds shall be transferred to the bond retirement <br />fiord to be applied to the payment of the principal of and interest on the Bonds, or other obligations of the <br />City, as permitted by law. Any premium received from the sale of the Bonds may be used to pay the <br />financing costs of the Bonds within the meaning of Ohio Revised Code Section 133.01(K) or be deposited <br />into the bond retirement fiord in the manner provided by law. <br />Section 12. Federal Tax Law Compliance. The City hereby covenants that it shall comply with <br />the requirements of all existing and firttue laws which must be satisfied in order that interest on the Bonds is <br />and will continue to be excluded front gross income for federal income tax purposes, including without <br />limitation restrictions on the use of the property financed with the proceeds of the Bonds so that the Bonds <br />98772910 R <br />