Laserfiche WebLink
DocuSign Envelope ID: D1 D7B029-ODBD-4276-9A2E-BOA56F6E0688 <br />in excess thereof. Coupons shall not be attached to the Notes. The Notes shall be sold in a transaction <br />exempt from the requirements of Rule 15c2-12 of the United States Securities and Exchange Commission. <br />The Director of Finance is authorized and directed to execute a Certificate of Fiscal Officer Relating <br />to Terms of Notes (the "Certificate of Fiscal Officer") setting forth the final terms of the Notes, consistent <br />with the requirements of this Ordinance, and to present the same to this Council after closing. <br />Section 6. General Obligation Pledge. The Notes shall be the full general obligation of the <br />City, and the full faith, credit and revenue of the City are hereby pledged for the prompt payment of the same. <br />The par value to be received from the sale of the Bonds and any excess funds resulting from the issuance of <br />the Notes shall, to the extent necessary, be used only for the retirement of the Notes at maturity and are hereby <br />pledged for such purpose. The Notes may be issued in one or more series. <br />Section 7. Debt Service Levy. 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 Notes are outstanding, in an amount not less than that <br />which would have been levied if the Bonds had been issued without the prior issuance of the Notes, for the <br />purpose of providing, and in an amount which is sufficient to provide, funds to pay interest upon the Notes as <br />and when the same falls due and to provide a fund for the repayment of the principal of the Notes at maturity <br />or upon redemption. The Debt Service Levy shall not be less than the interest and sinking fund tax required <br />by Article XII, Section 11 of the Ohio Constitution. <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 payments of the premium, if any, and interest on and principal of the Notes and <br />Bonds when and as the same falls due. Notwithstanding the foregoing, if the City determines that funds <br />will be available from other sources for the payment of the Notes and Bonds in any year, the amount of the <br />Debt Service Levy for such year shall be reduced by the amount of funds which will be so available, and the <br />City shall appropriate such funds to the payment of the Notes and Bonds in accordance with law. <br />Section 8. Sale of the Notes. The Notes shall bear interest, based on a 360-day year of twelve <br />30-day months, payable at maturity, at such rate per annum as shall be determined by the Director of Finance <br />and certified to this Council, provided that such rate shall not exceed 6.00% per annum. The Notes shall be, <br />and hereby are, awarded and sold at private sale to KeyBanc Capital Markets Inc. or such other purchaser <br />designated in the Certificate of Fiscal Officer (the "Original Purchaser"), at the purchase price set forth in the <br />Certificate of Fiscal Officer. <br />The Director of Finance is hereby authorized and directed to deliver the Notes, when executed, to <br />the Original Purchaser upon payment of the purchase price and accrued interest, if any, to the date of <br />delivery. The proceeds of such sale, except any accrued interest or premium thereon, shall be deposited in <br />the Treasury of the City and used for the purpose aforesaid and for no other purpose. <br />Any accrued interest received from the sale of the Notes shall be transferred to the bond retirement <br />fund to be applied to the payment of the principal of and interest on the Notes, or other obligations of the <br />City as permitted by law. Any premium received from the sale of the Notes may be used to pay the <br />financing costs of the Notes within the meaning of Ohio Revised Code Section 133.01(K) or be deposited <br />into the bond retirement fund in the manner provided by law. <br />2 <br />19002718v3 <br />