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each such agency or company such information as may be required for the purpose and, if it is, in her
<br />judgment, in the best interest of and financially advantageous to the City, to accept a commitment for
<br />insurance issued by a nationally recognized municipal bond insurance company insuring the payment
<br />when due of the principal of and interest on all or any portion of the Bonds.
<br />The expenditure of the amounts necessary to secure a rating or ratings on the Bonds
<br />and any such policy, and to pay the other financing costs (as defined in Section 133.01 of the Revised
<br />Code) in connection with the Bonds, to the extent not paid by the Original Purchaser in accordance
<br />with the Purchase Agreement, is authorized and approved, and the Director of Finance is authorized
<br />to provide for the payment of the cost of obtaining each such rating, any such policy and all such other
<br />financing costs, except to the extent paid by the Original Purchaser in accordance with the Purchase
<br />Agreement, from the proceeds of the Bonds to the extent available and otherwise from any other
<br />funds lawfully available and that are appropriated or shall be appropriated for that purpose.
<br />Section 7. Provisions for Tax Levv. There shall be levied on all the taxable property
<br />in the City, in addition to all other taxes, a direct taY annually during the period the Bonds are
<br />outstanding in an amount sufficient to pay the debt charges on the Bonds when due, which taY shall
<br />not be less than the interest 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 imposed by the Charter of the City, shall
<br />be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the
<br />same officers, in the 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 before and in preference
<br />to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the
<br />Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the
<br />Bonds when and as the same fall due.
<br />Section 8. Federal TaY Considerations. The City covenants that it will use, and will
<br />restrict the use and investment of, the proceeds of the Bonds in such manner and to such extent as
<br />may be necessary so that (a) the Bonds will not (i) constitute private activity bonds or arbitrage bonds
<br />under Sections 141 or 148 of the Code or (ii) be treated other than as bonds the interest on which is
<br />excluded from gross income under Section 103 of the Code, and (b) the interest on the Bonds will not
<br />be an item of tax preference under Section 57 of the Code.
<br />The City further covenants that (a) it will take or cause to be taken such actions that
<br />may be required of it for the interest on the Bonds to be and to remain excluded from gross income for
<br />federal income tax purposes, and (b) it will not take or authorize to be taken any actions that would
<br />adversely affect that exclusion, and (c) it, or persons acting for it, will, among other acts of
<br />compliance, (i) apply the proceeds of the Bonds to the governmental purpose of the borrowing, (ii)
<br />restrict the yield on investment property, (iii) make timely and adequate payments to the federal
<br />government, (iv) maintain books and records and make calculations and reports, and (v) refrain from
<br />certain uses of those proceeds, and, as applicable, of property financed with such proceeds, all in such
<br />manner and to the extent necessary to assure such exclusion of that interest under the Code.
<br />The Director of Finance, as the fiscal officer, or any other officer of the City having
<br />responsibility far issuance of the Bonds is hereby authorized (a) to make or effect any election,
<br />selection, designation, choice, consent, approval, or waiver on behalf of the City with respect to the
<br />Bonds as the City is permitted or required to make or give under the federal income tax laws,
<br />including, without limitation, any of the elections available under Section 148 of the Code, for the
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