12-17 Issue Notes for Retaining Wall to Protect Shoreline at Winton Place

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estimated to be 4.50% per annum, payable semiannually until the principal sum is paid, and shall mature in 20 annual installments. Section 3. Issuance of Bond Anticipation Notes. It is necessary to issue, and this Council hereby determines that there shall be issued, notes in anticipation of the issuance of the Bonds. Section 4. Combining Notes for Purposes of Issuance and Sale. It is hereby determined, that for the purposes of issuance and sale, it may be in the best interest of the City to combine the Notes with other income tax revenue notes of the City authorized by separate ordinances of this Council. The Notes and such other notes shall be jointly referred to herein as the "Combined Notes." As used in this Ordinance, the term "Notes" shall also mean the Combined Notes, where appropriate. The Combined Notes shall be designated "City of Lakewood, Ohio Various Purpose Income Tax Revenue Notes, Series 2017," or as otherwise determined by the Director of Finance. Section 5. Terms of the Notes; Certificate of Fiscal Officer Relating to Terms of Notes. Such anticipatory notes (the "Notes ") shall be in the amount of not to exceed $1,100,000, which sum does not exceed the amount of the Bonds. The Notes shall be dated the date established by the Director of Finance and certified to this Council and shall mature on such date as shall be determined by the Director of Finance and certified to this Council, provided that such date shall not be later than one year after the date of issuance of the Notes. The Notes shall be issued as fully registered notes in book -entry form only, in such denominations as shall be determined by the Director of Finance, but not exceeding the principal amount of Notes maturing on any one date and shall be numbered as determined by the Director of Finance. The Notes shall be issued as fully registered notes in book -entry form in denominations of $100,000 or any integral multiple of $5,000 in excess thereof. Coupons shall not be attached to the Notes. The Notes shall be sold in a transaction exempt from the requirements of Rule 15c2 -12 of the United States Securities and Exchange Commission. The Director of Finance is authorized and directed to execute a Certificate of Fiscal Officer Relating to Terms of Notes (the "Certificate of Fiscal Officer ") setting forth the final terms of the Notes, consistent with the requirements of this Ordinance, and to present the same to this Council after closing. Section 6. Income Tax Pledge; Security for the Notes. The Notes shall be issued pursuant to Article XVIII, Section 3 of the Ohio Constitution, the Charter of the City and this Ordinance for the purpose of the Project. The Notes may be issued in one or more series. The City hereby covenants and pledges, subject and pursuant to the Constitution and laws of the State of Ohio, to appropriate from the Revenues (a) amounts sufficient to pay principal and interest due on the Notes. The City hereby covenants and agrees that, so long as the Notes are outstanding, the City shall not attempt to create or otherwise permit a pledge or any other lien on the Revenues that is senior to or on a parity with the pledge of the Revenues contained in this Ordinance to pay the principal of and interest on the Notes; provided, however, that this provision shall not be read to limit the City's ability to issue general obligation debt for any municipal purpose. The City hereby covenants and agrees that, so long as the Notes are outstanding, it shall not suffer the repeal, amendment or any other change in this Ordinance or in the City's income tax ordinances that in any way materially and adversely affects or impairs (i) the sufficiency of the Revenues levied and collected or otherwise available for the payment of the Notes or (ii) the pledge or the application of the Revenues to the payment of the Notes. The Notes shall be special obligations of the City, and the principal of and interest and any premium on the Notes shall be payable solely from the Revenues, and such payment shall be secured by a pledge of the Revenues as provided in this Ordinance. 11252736v2