|
. .. . ..._..... ,,..,W...??.?..,,,:... ?....,,..?.??1..._.?._ ... . . .... ... .
<br />- 4 -
<br />Section 9. If in the judgment of the Mayor and the Director of
<br />Finance a disclosure document in the form of an official statement is appro-
<br />priate or necessary in connection with the original issuance of the Bonds,
<br />each or both of those officers in their official capacities are authorized to
<br />prepare or cause to be prepared on behalf of the City an official statement
<br />and any necessary supplements thereto, and on behalf of the City to use and
<br />distribute, or authorize the use and distribution of, that official statement
<br />and any supplements thereto in connection with the original issuance of the
<br />Bonds, and to sign on behalf of the City and in their official capaeities,
<br />that official statement and any supplements thereto approved by those
<br />officers.
<br />Those officers are each authorized to sign and deliver, on behalf of
<br />the City and in their official capacities, such certificates in connection
<br />with the accuracy of the Official Statement and any supplements thereto as
<br />may, in their judgment, be necessary or appropriate.
<br />Section 10. There shall be levied on all the taxable property in the
<br />City, in addition to all other taxes, a direct tax annually during the period
<br />the Bonds are outstanding in an amount sufficient to pay the principal of and
<br />interest on the Bonds when due, which tax shall not be less than the interest
<br />and sinking fund tax required by Section 11 of Article XII of the Ohio
<br />Constitution. The tax shall be within the 11.1 mill limitation provided by
<br />the Charter of the City, shall be and is ordered computed, certified, levied
<br />and extended upon the tax duplicate and collected by the same officers, in the
<br />same manner and at the same time that taxes for general purposes for each of
<br />those years are certified, levied, extended and collected, and shall be placed
<br />before and in preference to all other items and for the full amount thereof.
<br />The proceeds of the tax levy shall be placed in the Bond Retirement Fund,
<br />which is irrevocably pledged for the payment of the principal of and interest
<br />on the Bonds when and as the same fall due. However, in each year to the
<br />extent the income from the City's sanitary sewerage system or from the levy of
<br />a tax pursuant to Section 8(c) of Article VIII of the City Charter is avail-
<br />able for the payment of the principal of and interest on the Bonds and is
<br />appropriated for that purpose, the amount of the tax shall be reduced by the
<br />amount of the income so available and appropriated.
<br />Section 11. The City covenants that it will restrict the use of the
<br />proceeds of the Bonds in such manner and to such extent, if any, as may be
<br />necessary, after taking into account reasonable expectations at the time of
<br />the delivery of and payment for the Bonds, so that the Bonds will not con-
<br />stitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and
<br />the applicable regulations prescribed under that Section. The Director of
<br />Finance, as the fiscal officer, or any other officer having responsibility for
<br />issuing the Bonds, shall, alone or with any other officer or employee of or
<br />consultant to the City, give an appropriate certificate of the City for in-
<br />clusion in the transcript of proceedings for the Bonds, setting forth the
<br />reasonable expectations of the City regarding the amount and use of all the
<br />proceeds of the Bonds and the facts and estimates on which they are based, all
<br />as of the date of delivery of and payment for the Bonds.
<br />Section 12. The Clerk of Council is directed to deliver a certified
<br />copy of this ordinance to the County Auditor.
<br />Section 13. This Council determines that all acts and conditions
<br />necessary to be performed by the City or to have been met precedent to and in
<br />the issuing of the Bonds in order to make them legal, valid and binding
<br />general obligations of the City have been performed and have been met, or will
<br />at the time of delivery of the Bonds have been performed and have been met, in
<br />regular and due form as required by law; that the full faith, credit and
<br />revenues of the City are pledged for the timely payment of the principal of
<br />and interest on the Bonds; and that no statutory or constitutional limitation
<br />_._ r,
|