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Section 6. The Notes shall be sold by the Director of Finance to The Huntington Investment <br />Company, Columbus, Ohio, at private sale at a purchase price not less than 97% of par plus accrued <br />interest, in accordance with law and the provisions of this ordinance. The Director of Finance shall <br />sign the Certificate of Award referred to in Section 3 evidencing that sale and specifying the interest <br />rate the Notes are to bear, the final purchase price of the Notes and other final terms of the Notes in <br />accordance with the provisions of this ordinance. The Director of Finance shall then cause the <br />Notes 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, to the <br />original purchaser upon payment of the purchase price. The Mayor, the Director of Finance, the <br />Director of Law, the Clerk of Council and other City officials, as appropriate, are each authorized <br />and directed to sign any transcript certificates, financial statements and other documents and <br />instruments and to take such actions as are necessary or appropriate to consummate the transactions <br />contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in <br />the best interest of the City, to combine the issue of Notes with one or more other unvoted general <br />obligation bond anticipation note issues of the City into a consolidated note issue pursuant to <br />Section 133.30(B) of the Revised Code; provided that no note of that issue shall be issued in a <br />denomination less than $100,000 or be exchangeable for other notes in denominations less than <br />$100,000. <br />Section 7. The proceeds from the sale of the Notes, except any premium and accrued <br />interest, shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be <br />used for the purpose for which the Notes are being issued. Any portion of those proceeds <br />representing 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 or of any renewal notes <br />and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used <br />to pay the debt charges on the Notes at maturity and are pledged for that purpose. <br />Section 9. During the year or years in which the Notes are outstanding, there shall be levied <br />on all the taxable property in the City, in addition to all other taxes, the same tax that would have <br />been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be <br />within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered <br />computed, certified, levied and extended upon the tax duplicate and collected by the same officers, <br />in the same manner, and at the same time that taxes for general purposes for each of those years are <br />certified, levied, extended and collected, and shall be placed before and in preference to all other <br />items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond <br />Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Notes or <br />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 investment of, <br />the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the <br />Notes will not (i) constitute private activity bonds or arbitrage bonds under Sections 141 or 148 of <br />the Internal Revenue Code of 1986, as amended (the Code) or (ii) be treated other than as bonds the <br />interest on which is excluded from gross income under Section 103 of the Code, and (b) the interest <br />on the Notes will not be an item of tax preference under Section 57 of the Code. <br />-4- <br />