|
and directed to sign any transcript certificates, financial statements and other documents and
<br />instruments and to take such actions as are necessary or appropriate to conslunmate the transactions
<br />contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in
<br />the best interest of the City, to combine the issue of Notes with one or more other note issues of the
<br />City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code; provided
<br />that, if the aggregate principal amount of the consolidated issue is $1,000,000 or mare, no note of
<br />that issue sha11 be issued in a denomination less than $100,000 or be exchangeable for other notes in
<br />denominations less than $100,000.
<br />If in the judgment of the Mayor and the Director of Finance a disclosure document in the
<br />form of an official statement relating to the original issuance of the Notes is appropriate, either or
<br />both of those officers, on behalf of the City and in their official capacities, are authorized to (i)
<br />prepare or cause to be prepared, and make or authorize modifications, completions or changes of or
<br />supplements to, such an official statement, (ii) detertnine, and to certify or otherwise represent,
<br />when the official statement is to be "deemed final" (except for permitted omissions) by the City as
<br />of its date or is a final official statement for purposes of SEC Rule 15c2-12(b)(1), (3) and (4), (iii)
<br />use and distribute, or authorize the use and distribution of those official statements and any
<br />supplements thereto in connection with the original issuance of the Notes, and (iv) complete and
<br />sign those official statements as so approved together with such certificates, statements or other
<br />documents in connection with the finality, accuracy and completeness of those official statements.
<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 notes
<br />and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used
<br />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 levied
<br />on all the taxable property in the City, in addition to all other taxes, the same tax that would have
<br />been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be
<br />within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered
<br />computed, certified, levied and extended upon the taY duplicate and collected by the same officers,
<br />in the same manner, and at the same time that taxes for general purposes far each of those years are
<br />certified, levied, extended and collected, and shall be placed before and in preference to all other
<br />items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond
<br />Retirement Fund, which is irrevocably pledged far the payment of the debt charges on the Notes or
<br />the Bonds when and as the same fall due.
<br />Section 10. The City covenants that it will use, and will restrict the use and investment of,
<br />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 />-4-
|