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- 3 - <br />Section 6. The Notes shall be sold at not less than par at private <br />sale by the Director of Finance in accordance with law and the provisions of <br />this ordinance. The Director of Finance shall sign the certificate of award <br />referred to in Sections 3 and 4 evidencing that sale, cause the Notes to be <br />prepared, and have the Notes signed and delivered, together with a true <br />transcript of proceedings with reference to the issuance of the Notes if <br />requested by the original purchaser, to the original purchaser upon payment of <br />the purchase price. The Mayor, the Director of Finance, the Clerk of Council <br />and other City officials, as appropriate, are each authorized and directed to <br />sign any transcript certificates, financial statements and other documents and <br />instruments and to take such actions as are necessary or appropriate to <br />consummate the transactions contemplated by this Ordinance. The Director of <br />Finance is authorized, if it is determined to be in the best interest of the <br />City, to combine the issue of Notes with one or more other note issues of the <br />City into a consolidated note issue pursuant to Section 133.30(B) of the <br />Revised Code. <br />Section 7. The proceeds from the sale of the Notes, except any <br />premium and accrued interest, shall be paid into the proper fund or funds and <br />those proceeds are appropriated and shall be used for the purpose for which <br />the Notes are being issued. Any portion of those proceeds representing <br />premium and accrued interest shall be paid into the Bond Retirement Fund. <br />Section 8. The par value to be received from the sale of the Bonds <br />or of any renewal notes and any excess funds resulting from the issuance of <br />the Notes shall, to the extent necessary, be used to pay the debt charges on <br />the Notes at maturity and are pledged for that purpose. <br />Section 9. During the year or years in which the Notes are out- <br />standing, there shall be levied on all the taxable property in the City, in <br />addition to all other taxes, the same tax that would have been levied if the <br />Bonds had been issued without the prior issuance of the Notes. The tax shall <br />be within the 11.1-mill limitation provided by the Charter of the City, shall <br />be and is ordered computed, certified, levied and extended upon the tax dupli- <br />cate and collected by the same officers, in the same manner, and at the same <br />time that taxes for general purposes for each of those years are certified, <br />levied, extended and collected, and shall be placed before and in preference <br />to all other items and for the full amount thereof. The proceeds of the tax <br />levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged <br />for the payment of the debt charges on the Notes or the Bonds when and as the <br />same fall due. <br />Section 10. The City covenants that it will use, and will restrict <br />the use and investment of, the proceeds of the Notes in such manner and to <br />such extent as may be necessary so that (a) the Notes will not (i) constitute <br />private activity bonds, arbitrage bonds or hedge bonds under Section 141, 148 <br />or 149 of the Internal Revenue Code of 1986, as amended (the Code), or (ii) be <br />treated other than as bonds to which Section 103(a) of the Code applies, and <br />(b) the interest on the Notes will not be treated as an item of tax preference <br />under Section 57 of the Code.