99-096 Ordinance - Laserfiche WebLink

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? beneficial owners to institute and maintain, or to cause to be instituted and maintained, such proceedings as may be authorized at law or in equity to obtain the specific performance by the City of its obligations under the Agreement. Any individual holder or beneficial owner may institute and maintain, or cause to be instituted and maintained, such proceedings to require the City to provide or cause to be provided a pertinent filing if such a filing is due and has not been made. Any such proceedings to require the City to perform any other obligation under the Agreement (including any proceedings that contest the sufficiency of any pertinent filing) sha11 be instituted and maintained only (i) by a trustee appointed by the holders and beneficial owners of not less than 25% in principal amount of the Notes then outstanding or (ii) by holders and beneficial owners of not less than 10% in principal amount of the Notes then outstanding, in accordance with Section 133.25(B)(4)(b) or (C)(1) of the Revised Code, as applicable (or any like or comparable successor provisions). The performance by the City of the Continuing Disclosure Agreement shall be subject to the annual appropriation of any funds that may be necessary to perform it. The Continuing Disclosure Agreement shall remain in effect only for such period that the Notes aze outstanding in accordance with their terms and the City remains an obligated person with respect to the Notes within the meaning of the Rule. The obligation of the City to provide the notices of the Specified Events sha11 terminate, if and when the City no longer remains such an obligated person. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the piupose for which the Notes are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The par value to be received from the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the debt charges on the Notes at maturity and are pledged for that purpose. Section 9. During the yeaz or yeazs in which the Notes are outstanding, there shall be levied on a11 the taxable property in the City, in addition to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered 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 for general purposes for 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 tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Notes or the Bonds when and as the same fall due. Section 10. The City covenants that it will use, and will restrict the use and investrnent of, the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the Notes will not (i) constitute private activity bonds, azbitrage bonds or hedge bonds under Section 141, 148 or 149 of the Internal Revenue Code of 1986, as amended (the Code), or (ii) be treated -6- .... . , ? „ .r .. ._x; . ._ :.:..; „ +?^ ma?r+ x*sPV_ ?+'?vKK,: `-. "?k4+&':??,--'°• "'?• • ' . ?.?, .av'a6?dk,r...?, . . .. ... .. . ..... . .... . . . . . . . ..... . .. .