85-079 Ordinance - Laserfiche WebLink

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,., . ? ' • - 4 - Section 8. If in the judgment of the Mayor and the Director of Finance a disclosure document in the form of an official statement is appro- priate or necessary in connection with the original issuance of the Bonds, each or both of those officers in their official capacities are authorized to prepare or cause to be prepared on behalf of the City an official statement and any necessary supplements thereto, and on behalf of the City to use and distribute, or authorize the use and distribution of, that official statement and any supplements thereto in connection with the original issuance of the Bonds, and to sign on behalf of the City and in their official capacities, that official statement and any supplements thereto approved by those offi- cers. Those officers are each authorized to sign and deliver, on behalf of the City and in their official capacities, such certificates in connection with the accuracy of the official statement and any supplements thereto as may, in their judgment, be necessary or appropriate. Section 9. The proceeds from the sale of the Bonds, except any pre- mium and accrued interest, shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be used for the purpose for which the Bonds are being issued. Any portion of those proceeds representing premi- um and accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Bonds in the manner provided by law. Section 10. There shall be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually during the period the Bonds are outstanding in an amount sufficient to pay the principal of and interest on the Bonds when due, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio Consti- tution. 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 principal of and interest on the Bonds when and as the same fall due. Section 11. The City covenants that it will restrict the use of the proceeds of the Bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for the Bonds, so that the Bonds will not consti- tute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable regulations prescribed under that Section. The Director of Finance, as the fiscal officer, or any other officer having responsibility for issuing the Bonds, shall, alone or with any other officer or employee of or consultant to the City, give an appropriate certificate of the City for inclu- sion in the transcript of proceedings for the Bonds, setting forth the reason- able expectations of the City regarding the amount and use of all the proceeds of the Bonds and the facts and estimates on which they are based, all as of the date of delivery of and payment for the Bonds. Section 12. The Clerk of Council is directed to deliver a certified copy of this ordinance to the County Auditor. Section 13. This Council determines that all acts and conditions necessary to be performed by the City or to have been met precedent to and in the issuing of the Bonds in order to make them legal, valid and binding gener- al obligations of the City have been performed and have been met, or will at _ ,, ,_