2007-028 Ordinance - Laserfiche WebLink

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??. ?0., ? ? -4- accrued interest. The Director of Finance shall sign the Certificate of Award refened to in Section 2 to determine and specify the interest rate or rates the Bonds are to bear, the purchase price and other final terms of the Bonds in accordance with this Ordinance and to evidence the sale of the Bonds to the original purchaser. The Director of Finance shall then cause the Bonds to be prepared and have the Bonds signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Bonds, to the original purchaser upon payment of the purchase price. The Mayor, the Director of Finance, the Director of Law, the Clerk of Council and other officers of the City are each authorized and directed to sign any transcript certificates, documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance. Section 7. The proceeds from the sale of the Bonds, except any premium and accrued interest, shall be paid into a separate fund of this City established for the purpose set forth in Section 1 pursuant to Sections 5705.09 and 5705.10 of the Revised Code, and those proceeds are appropriated and shall be used for that purpose. The expenditure of those proceeds for that purpose, including, without limitatian, for financing costs as defined in Section 133.01 of the Revised Code, is hereby authorized and approved. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. During the year or years in which the Bonds are outstanding, there shall be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually in an amount sufficient to pay the debt charges on the Bonds when due, which taac shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio Constitution. The tax shall be within the 11.1-mill limitation provided by the City Charter, shall be and is ardered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes far general purposes far each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the taY levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Bonds when and as the same fall due. In each year to the extent income from the operation of the City's Springvale Golf Course and Ballroom is available for the payment of the debt charges on the Bonds, and is appropriated for that purpose, the amount of the tax levied within the 11.1 mill-limitatior? for that purpose shall be reduced by the amount of the income so available and appropriated. Section 9. The City covenants that it will use, and will restrict the use and investment of, the proceeds of the Bonds in such manner and to such extent as may be necessary so that (a) the Bonds will not (i) constitute private activity bonds, arbitrage bonds or hedge bonds under Sections 141, 148 or 149 of the Code or (ii) be treated other than as bonds to which Section 103 of the Code applies, and (b) the interest thereon will not be an item of tax preference under Section 57 of the Code. The City further covenants that (a) it will take or cause to be ta.ken such actions that may be required of it for the interest on the Bonds to be and to remain excluded from gross income for federal income tax purposes, and (b) it will not take or authorize to be taken any actions that would adversely affect that exclusion, and (c) it, or persons acting for it, will, among other acts of compliance, (i) apply the proceeds of the Bonds to the governmental purpose of the borrowing, (ii)