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accordance with law and the provisions of this ordinance. Consistently with the provisions of this
<br />Section and Sections 3 and 5, the Director of Finance shall sign the Certificate of Award evidencing
<br />that sale and fixing the interest rate which the Notes shall bear and certain other terms of the Notes.
<br />Thereafter, the Director of Finance shall cause the Notes to be prepared, and have the Notes signed
<br />and delivered, together with a true transcript of proceedings with reference to the issuance of the
<br />Notes if requested by the original purchaser, to the original purchaser upon payment of the purchase
<br />price. The Mayor, the Director of Finance, the Director of Law, the Clerk of Council and other City
<br />officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial
<br />statements and other documents and instruments and to take such actions as are necessary or
<br />appropriate to consummate the transactions contemplated by this ordinance.
<br />Section 7. The proceeds from the sale of the Notes, except any premium and accrued
<br />interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be
<br />used for the purpose for which the Notes are being issued. The expenditure of those proceeds for
<br />the purpose set forth in Section 1, including, without limitation, for financing costs as defined in
<br />Section 133.01 of the Revised Code, is hereby authorized and approved. Any portion of those
<br />proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund.
<br />Section 8. The par value to be received from the sale of the Bonds or of any renewal
<br />notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be
<br />used to pay the debt charges on the Notes at maturity and are pledged for that purpose.
<br />Section 9. During the year or years in which the Notes are outstanding, there shall be
<br />levied on all the taxable property in the City, in addition to all other taxes, the same tax that would
<br />have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall
<br />be unlimited as to amount or rate, shall be and is 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
<br />that taxes for general purposes for each of those years are certified, levied, extended and collected,
<br />and shall be placed before and in preference to all other items and for the full amount thereof. The
<br />proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged
<br />for the payment of the debt charges on the Notes or the Bonds when and as the same fall due.
<br />Section 11. The City covenants that it will use, and will restrict the use and investment
<br />of, the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the
<br />Notes will not (i) constitute private activity bonds, arbitrage bonds or hedge bonds under Section
<br />141, 148 or 149 of the Internal Revenue Code of 1986, as amended (the Code), or (ii) be treated
<br />other than as bonds to which Section 103(a) of the Code applies, and (b) the interest on the Notes
<br />will not be an item of tax preference under Section 57 of the Code.
<br />The City further covenants that (a) it will take or cause to be taken such actions that
<br />may be required of it for the interest on the Notes to be and remain excluded from gross income for
<br />federal income tax purposes, (b) it will not take or authorize to be taken any actions that would
<br />adversely affect that exclusion, and (c) it, or persons acting for it, will, among other acts of
<br />compliance, (i) apply the proceeds of the Notes to the governmental purposes of the borrowing, (ii)
<br />restrict the yield on investment property, (iii) make timely and adequate payments to the federal
<br />government, (iv) maintain books and records and make calculations and reports, and (v) refrain
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