94-135 Ordinance - Laserfiche WebLink

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~.... .. .~ ,,: .. n .. w..w ~.,~ -3- to the original purchaser upon payment of the purchase price. The Mayor, the Director of Finance, the Clerk of Council, the Director of Law and other City officials, as appropriate, are each authorized and directed to sign any transcript 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 is 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. The Mayor and the Director of Finance, on behalf of the City and in their official capacities, aze authorized and directed to (i) prepare or cause to be prepared, and make or authorize modifications, completions or changes of or supplements to, such an official statement, (ii) determine, and to certify or otherwise represent, when the official statement is to be "deemed final" (except for permitted omissions) by the City as of its date or is a final official statement for purposes of SEC Rule 15c2-12(b)(1), (3) and (4), (iii) use and distribute, or authorize the use and distribution of those official statements and any supplements thereto in connection with the original issuance of the Notes, and (iv) complete and sign those official statements as so approved together with such certificates, statements or other documents in connection with the finality, accuracy and completeness of those official statements. 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 those proceeds aze appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The paz value to be received from the sale of the 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 chazges on the Notes at maturity and are pledged for that purpose. Section 9. During the year or years in which the Notes aze outstanding, 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 the Bonds had been issued without the prior issuance of the Notes. The tax shall 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 duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of those years aze certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt chazges on the Notes or the Bonds when and as the same fall due. In each year to the extent proceeds from the City's municipal income tax aze available for the payment of debt charges on the Notes and the Bonds and aze appropriated for that purpose in accordance with the City's covenants herein, the amount of the tax shall be reduced by the amount of the proceeds so available and appropriated. The debt chazges on the Notes and the Bonds shall be paid from the City's lawfully available municipal income taxes to the extent needed to meet such debt charges. The City covenants to levy and collect, and continue to levy and collect, its municipal income tax during the period the Notes and the Bonds are outstanding in amounts necessary to pay such debt charges and to apply the proceeds thereof in accordance with its covenants herem. The City further covenants to appropriate annually from its lawfully available municipal income tax receipts such amount as is necessary to meet such annual debt charges on the Notes and the Bonds.