|
.~~.~ ..
<br />• ,,,,,~
<br />-3-
<br />after determining that the signing thereof will not endanger the funds or securities of the City
<br />and after the approval of the form of any such agreement by the Director of Law.
<br />Section 6. The Notes shall be sold at not less than par at private sale by the Director
<br />of Finance in accordance with law and the provisions of this ordinance. The Director of Finance
<br />shall sign the certificate of award referred to in Section 3 evidencing that sale, cause the Notes
<br />to be prepared, and have the Notes signed and delivered, together with a true transcript of
<br />proceedings with reference to the issuance of the Notes if requested by the original purchaser,
<br />to the original purchaser upon payment of the purchase price. The Mayor, the Director of
<br />Finance, the Clerk of Council, the Director of Law and other City officials, as appropriate, are
<br />each authorized and directed to sign any transcript certificates, financial statements and other
<br />documents and instruments and to take such actions as are necessary or appropriate to
<br />consummate the transactions contemplated by this ordinance. The Director of Finance is
<br />authorized, if it is determined to be in the best interest of the City, to combine the issue of Notes
<br />with one or more other note issues of the City into a consolidated note issue pursuant to Section
<br />133.30(B) of the Revised Code.
<br />The Mayor and the Director of Finance, on behalf of the City and in their official
<br />capacities, are authorized and directed to (i) prepare or cause to be prepared, and make or
<br />authorize modifications, completions or changes of or supplements to, such an official statement,
<br />(ii) determine, and to certify or otherwise represent, when the official statement is to be "deemed
<br />fmal" (except for permitted omissions) by the City as of its date or is a fmal official statement
<br />for purposes of SEC Rule 15c2-12(b)(1), (3) and (4), (iii) use and distribute, or authorize the
<br />use and distribution of those official statements and any supplements thereto in connection with
<br />the original issuance of the Notes, and (iv) complete and sign those official statements as so
<br />approved together with such certificates, statements or other documents in connection with the
<br />finality, accuracy and completeness of those official statements.
<br />Section 7. The proceeds from the sale of the Notes, except any premium and
<br />accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated
<br />and shall be used for the purpose for which the Notes are being issued. Any portion of those
<br />proceeds representing premium and accrued interest shall be paid into the Bond Retirement
<br />Fund.
<br />Section 8. The par value to be received from the sale of the Bonds or of any
<br />renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent
<br />necessary, be used to pay the debt charges on the Notes at maturity and are pledged for that
<br />purpose.
<br />Section 9. During the year or years in which the Notes are outstanding, there shall
<br />be levied on all the taxable property in the City, in addition to all other taxes, the same tax that
<br />would have been levied if the Bonds had been issued without the prior issuance of the Notes.
<br />The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and
<br />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
<br />of those years are certified, levied, extended and collected, and shall be placed before and in
<br />preference to all other items and for the full amount thereof. The proceeds of the tax levy shall
<br />be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the
<br />debt charges on the Notes or the Bonds when and as the same fall due.
<br />Section 10. The City covenants that it will use, and will restrict the use and
<br />investment of, the proceeds of the Notes in such manner and to such extent as may be necessary
<br />so that (a) the Notes will not (i) constitute private activity bonds, arbitrage bonds or hedge bonds
<br />under Section 141, 148 or 149 of the Internal Revenue Code of 1986, as amended (the Code),
<br />or (ii) be treated other than as bonds to which Section 103(a) of the Code applies, and (b) the
<br />
|