72-152 Ordinance - Laserfiche WebLink

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c - 2 - Section 4. For the purpose of providing the ~cessary funds to pay the in- terest on the foregoing issue of boards promptly when and as the same fa11s due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on a7,1 taxable property in the City of North 01.~osted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in as amount sufficient to provide Binds to pay the interest upon said bonds as cad when the same fall due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio; provided, however, that in each year to the extent that the income Pram the North Olmsted Municipal Coach Line is available for the payment of such bands sad is appropriated for such purpose, the amount of such tax shall be reduced by the amount of such income so available and appropriated. Section 5. Said tax shall be and is hereby 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 ge~ral purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected ar the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Faand in his official capacity, and if said officer refuses to take any or aLl of said bands, then said bands not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said boaods, except the premium and accrued interest thereon, shall be used far the purpose aforesaid and for no other purpose. It is hereby certified that it is not expected that the proceeds of the issue of said bonds will be used in a manner that would cause such beds to be arbitrage bonds under Section 103(d) of the Internal Revenue Code of 1g5~, as amended, and valid regulations thereunder, and, further, that all of the proceeds of such bonds are needed for the purpose for which they are hereby authorized to be issued, substantial expenditures ware caamnitted to such purpose through the payaaaa~rnt of the purchase price of the buses within ninety days after the issuance of the eels-year notes issued in anticipation of these bonds, all available proceeds will be ex- pended within the temporaryr period reasoanably required as the aaa].y mining expenditures axe for interest oai the bond anticipatiaaa note and costs incidental to the issuance of said bands, and any such proceeds will be iaivested or deposited only for a temporary period until needed for the purpose for which the bawds are issued; and that this certification is based uprose all the relevant facts and cir- cumstances in existence, including those more particularly to be set forth in the certificate of the fiscal officer entitled "IRC §l43(d) Certificate" which shall. be incorporated in the transcript of pra~ceedings pertaining to said bands and which certificate is adapted and incorporated herein by reference. The City covenants to the purchasers of said bands that it will make no use of the proceeds of said bonds which, if such use had been reasonably expected on the date of issue of such bands, would have caused them t o be arbitrage bands under Sectioaa~ 143(d} of the Internal Rev+enueflode of 195+, as amended, as in effect cxz the date of such issue, and any valid regtsl.atiaas thereunder, and that it will. ccmply with the requirements of said Section 143(d) and the requ3.remente of any valid regulations thereunder, all to the extent as may be necessary, at the time of the use of such proceeds, so that such use will not cause such bonds to. be arbitrage brads under Section 103(d) of the Internal Revenue Code of 195+, as amended.