2003-053 Ordinance - Laserfiche WebLink

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? that issue sha11 be issued in a denomination less than $100,000 or be exchangea.ble for other notes in denominations less than $100,000. Section 7. The proceeds from the sale of the Notes, except any premium and accrued irnerest, sha11 be paid irno the proper fund or funds and those proceeds aze appropriated and sha11 be used for the purpose for which the Notes are being issued. The expenditure of those proceeds for the purpose set fvrth in Section l, including, wrthout limitation, 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 iirto the Bond Retiremerrt 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 Nates at maturity and are pledged for that pu,rpose. Section 9. During the year or years in which the Notes are outstanding, there shall be levied on a11 the taacable 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. -mill limitation provided by the Charter of the City, sha11 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 genera.l purposes for each of those years aze certified, levied, extended and collected, and shall be placed before and in preference to a1l other items and for the full amount thereof. The proceeds of the tax levy sha11 be placed in the Bond Retiremem 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 investment of, the proceeds of the Notes in such manner and to such exterrt as may be necessary so that (a) the Notes will not (i) constitute private activity bonds, arbitrage 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 other than as bonds to which Section 103(a) of the Code applies, and (b) the interest on the Notes 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 taken such actions that may be required of it for the interest on the Notes to be and remain excluded from gross income for federal income tax purposes, (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 ather acts of compliance, (i) apply the proceeds of the Notes to the governmerrtal purposes of the borrowing, (ii) restrict the yield on investmern property, (iii) make timely and adequa.te payments to the federal governmern, (iv) maintain books and records and make calculations and reports, and (v) refrain from certain uses of those proceeds and, as applicable, of property financed with such proceeds, a11 in such manner and to the extent necessary to assure such exclusion of that irrterest under the Code. The City hereby represents that the Outstanding Note was designated as a"qualified tax-exempt obligation" pwsuant to Section 265(b)(3) of the Code. The City hereby covenants that it will redeem the Outstanding Note from proceeds of, and within 90 days after issuance of, the Notes, and represents that a11 other conditions aze met for treating the Notes as "qualified -4-