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Ordinance, the term "Notes" shall also mean the Combined Notes, where appropriate. The Combined
<br />Notes shall be designated "City of Lakewood, Ohio Various Purpose Income Tax Revenue Notes, Series
<br />2019," or as otherwise determined by the Director of Finance of the City (the "Director of Finance ").
<br />Section 5. Terms of the Notes; Certificate of Fiscal Officer Relating to Terms of Notes. The
<br />Notes shall be in the amount of not to exceed $650,000, which sum does not exceed the amount of the
<br />Bonds. The Notes shall be dated the date established by the Director of Finance and certified to this
<br />Council and shall mature on such date as shall be determined by the Director of Finance and certified to this
<br />Council, provided that such date shall not be later than one year after the date of issuance of the Notes. The
<br />Notes shall be issued as fully registered notes in book -entry form only, in denominations of $100,000 or
<br />any integral multiple of $5,000 in excess thereof and shall be numbered as determined by the Director of
<br />Finance. The Notes shall be issued as fully registered notes. Coupons shall not be attached to the Notes.
<br />The Notes shall be sold in a transaction exempt from the requirements of Rule 15c2 -12 of the United
<br />States Securities and Exchange Commission.
<br />The Director of Finance is authorized and directed to execute a Certificate of Fiscal Officer
<br />Relating to Terms of Notes (the "Certificate of Fiscal Officer ") setting forth the final terms of the Notes,
<br />consistent with the requirements of this Ordinance, and to present the same to this Council after closing.
<br />Section 6. Income Tax Pledge; Security for the Notes. The Notes shall be special obligation
<br />income tax revenue notes issued pursuant to Article XVIII, Section 3 of the Ohio Constitution, the Charter
<br />of the City and this Ordinance for the purpose of the Project. The Notes may be issued in one or more series.
<br />The City hereby covenants and pledges, subject and pursuant to the Constitution and laws of the State of
<br />Ohio, to appropriate from the Revenues (a) amounts sufficient to pay principal and interest due on the
<br />Notes. The City hereby covenants and agrees that, so long as the Notes are outstanding, the City shall not
<br />attempt to create or otherwise permit a pledge or any other lien on the Revenues that is senior to the
<br />pledge of the Revenues contained in this Ordinance to pay the principal of and interest on the Notes;
<br />provided, however, that this provision shall not be read to limit the City's ability to issue general
<br />obligation debt for any municipal purpose. The City hereby covenants and agrees that, so long as the
<br />Notes are outstanding, it shall not suffer the repeal, amendment or any other change in this Ordinance or
<br />in the City's income tax ordinances that in any way materially and adversely affects or impairs (i) the
<br />sufficiency of the Revenues levied and collected or otherwise available for the payment of the Notes or
<br />(ii) the pledge or the application of the Revenues to the payment of the Notes.
<br />The Notes shall be special obligations of the City, and the principal of and interest and any
<br />premium on the Notes shall be payable solely from the Revenues, and such payment shall be secured by a
<br />pledge of the Revenues as provided in this Ordinance.
<br />The Notes shall be special obligation income tax revenue notes payable solely from the Revenues
<br />and shall be secured equally and ratably (i) by a pledge of the Revenues; provided, however, that any lien
<br />on or pledge of any fund, account, revenues or money shall be valid and enforceable only to the extent
<br />permitted by law. Nothing in this Ordinance or the Notes shall constitute a general obligation, debt or
<br />bonded indebtedness of the City; neither the general resources of the City shall be required to be used, nor
<br />the general credit of the City pledged for the performance of any duty under this Ordinance or the Notes;
<br />and further, nothing herein or therein gives the Holders of the Notes, and they do not have, the right to
<br />have excises or taxes levied by the City, or by the State or the taxing authority of any other political
<br />subdivision, for the payment of principal of, redemption premium, if any, and interest on the Notes, but
<br />the Notes are payable solely from the Revenues, and each Note shall contain on the face thereof a
<br />statement to that effect; provided, however, that nothing in this Ordinance shall be deemed to prohibit the
<br />City, of its own volition, from using to the extent it is lawfully authorized to do so, any other resources or
<br />revenues for the fulfillment of any of the terms, conditions or obligations of this Ordinance and the Notes.
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