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If the City determines to fund or refund other outstanding unvoted general obligation
<br />securities (collectively, the Other Refunded Obligations) contemporaneously with the refunding of
<br />the Refunded Bonds, the proceeds from the sale of bonds and other funds necessary and sufficient for
<br />that purpose maybe deposited in the Escrow Fund and commingled and invested with the proceeds of
<br />the Bonds and other funds necessary and sufficient for the refunding of the Refunded Bonds. In that
<br />event, the Escrow Fund shall be held and maintained by the Escrow Trustee in trust for the registered
<br />owners of the Refunded Bonds and the Other Refunded Obligations and pledged to the payment of
<br />principal of and interest and redemption premium on the Refunded Bonds and the Other Refunded
<br />Obligations.
<br />Section 10. Provisions for Tax Levy. There shall be levied on all the taxable property in
<br />the City, in addition to all other taxes, a direct tax annually during the period the Bonds are
<br />outstanding in an amount sufficient to pay the debt charges on the Bonds when due, which tax 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,
<br />shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected
<br />by the 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 be
<br />placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt
<br />charges on the Bonds when and as the same fall due.
<br />Section 11. Federal Tax 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, arbitrage bonds or
<br />hedge bonds under Sections 141, 148 or 149 of the Code or (ii) be treated other than as bonds to
<br />which Section 103(a) of the Code applies, and (b) the interest thereon will not be an item of tax
<br />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 may
<br />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 for 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
<br />purpose of assuring, enhancing or protecting favorable tax treatment or status of the Bonds or interest
<br />thereon or assisting compliance with requirements for that purpose, reducing the burden or expense
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