1979 037 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 79-37 Page -3- amount thereof. The funds derived £rom said tax levies hereby required shall be placed in a separate and distinct £und, which, together with all interest collected on the same, shall be irrevocably pledged for the payment of the principal of and interest on the Note, or the Bonds in anticipation of which it is issued, when and as the same fall due. Section 8. That, notwithstanding any other provisions of this Ordinance, the Village hereby covenants that no part of the proceeds of the Note or of the moneys or funds held hereunder shall be used at any time, directly or indirectly, in a manner that (a) would have been, but for this covenant, reasonably expected on the date of issuance of the Note and (b) would have caused, if so reasonably expected, the Note to be an "arbitrage bond" under Section 103(c) of the Internal Revenue Code o£ 1954, as amended, and theregulations o£ the Treasury Department thereunder proposed or in effect at the time of such use and applicable to obligations issued on the date of issuance of such Note. The Director of Finance of the Villaqe, or any other officer of the Village, having responsibility with respect to the issuance of the Note, is authorized and directed, alone or in conjunction with any of the Poregoing or with any other officer, employee, consultant or agent of the Village, to give an appropriate certificate on behalf of the Village, for inclusion in the transcript of proceedings''for the Note, setting forth the facts, estimates and circumstances (including covenants of the Village) in existence on the date of issuance of the Note, relating to the Note and the expectations regarding the amount and use of the proceeds of the Note which (i) meets the requirements of Proposed Treasury Regulations Sections 1.103-13, -14, -15 promulgated under the authority of the Internal Revenue Code of 1954, as amended, and (ii) which states that to the best of the knowledge and belief of the certifying officer such expectations are reasonable and there are no other facts, estimates or circumstances that would materially change such expectations. Section 9. That the Director of Finance of the Village is hereby authorized and directed to forward a certiPied copy of this Ordinance to the County Auditor of Cuyahoga County. Section 10. That it is found and determined that all formal actions of the Council concerning and relatinq to the adoption of this Ordinance were taken in an open meeting or meetings of the Council, and that all deliberations of the Council and of any of its committees that resulted in such formal action were meetings open to the public and in full compliance with all legal requirements including, without limitation, to the extent applicable, those set forth in Section 121.22 of the Revised Code of the State of Ohio. Section 11. That for the reasons stated in the preamble hereto, which is made a part hereof, this Ordinance is hereby declared