93-014 Ordinance - Laserfiche WebLink

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. ... . .. ..... . . , .,..4..<.. _.. . _ . . .. . . . . . . . ... . .....:_... _,.. r-..,., . . . _ ... ... .. . - 3 - referred to in Sections 3 and 4 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedi.ngs with reference to the issuance of the Notes if requested by ttie original purchaser, to the original purchaser upon payment of tlie purchase price. The Mayor, ttie Director of Finance, the Clerk of Council and otlier City offic:ials, as appropriate, are each authorized and directed to sign any transcri.pt certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance. The Director of Finance is authorized, if it i.s determined to be in the best interest of the City, to combine the issue of Notes with one or more other note issues of the City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the proper fund or funds and ttiase proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those proceeds representiiig premium and accrued interest shall be paid into the Bond Retirement Fund. Sect.ion 8. The par value to be received from the sale of ttie 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 Notes at maturity and are pledged for that purpose. Section 9. lluring the year or years in which the Notes are out- standing, there shall be levied on all the taxable property in the City, in addition to all other taxes, the same tax that would have been levied if ttie Bonds had been issued wit.hout the prior issuance of the Notes. The tax sha]1 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 dupli- cate and collected by the same officers, in the same manner, and at the same time tYiat taxes for general purposes for eacYi of those years are certified, lev.ied, extended and collected, and shali be placed befor.e and in preference to all ather items and for the full amount thereof. The proceeds of the tax levy sha11 be placed in the Bond Retirement 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. In each year to the extent ttie income from the City's sanitary sewerage system is available for the payment of debt charges on the Notes and Bonds and is appropriated for that purpose, the amount of ttie tax shall be reduced by the amount of income so available and appropriated. 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 extent as may be necessary so that (a) t.he Notes will not (i) constitute private activity bonds, arbitrage bonds or hedge bonds under Section 141, 148 or 149 of t.he Internal Revenue Code of 1986, as amended (the Code), or (ii) be treated other tlian as bvnds to which Section 103(a) of the Code applies, and (b) the interest on the Notes will riot be treated as an item of tax preference under Section 57 of the Code. The City further covenants that (a) it wi.11 take or cause to be taken such actions that may be required r,,f it for ttie interest on the Notes to be and remain excluded from gross income for federal income tax purposes, (b) it