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interest and any proceeds to be used for the payment of any expenses properly allocable to the <br />refunding of the Refunded Bonds or the issuance of the Bonds as determined by the Director of <br />Finance. The funds. so deposited in the Escrow Fund are appropriated, and shall be applied, to pay <br />principal of and interest and redemption premium on the Refunded Bonds, as provided in the Escrow <br />Agreement. <br />The funds so deposited in the Escrow Fund shall be (a) held in cash to the extent that they <br />are not needed to make the investments hereinafter described and (b) invested in direct obligations of, <br />or obligations guaranteed as to payment by, the United States of America (within the meaning of <br />Section 133.34(D) of the Revised Code) that mature or are subject to redemption by and at the option <br />of the holder, in amounts sufficient, together with any uninvested cash in the Escrow Fund but <br />without further investment or reinvestment, for the payment of (i) the interest when due on the <br />Refunded Bonds on each June 1 and December 1 from June 1, 2006 through December 1, 2010, and <br />(ii) the principal of and redemption premium on the Refunded Bonds upon their redemption by <br />optional redemption on December 1, 2010, as provided in the Escrow Agreement. <br />If U.S. Treasury Securities -- State and Local Government Series are to be purchased for <br />the Escrow Fund, the Escrow Trustee is hereby specifically authorized to file, on behalf of the City, <br />subscriptions for the purchase and issuance of those U.S. Treasury Securities -State and Local <br />Government Series. If, in the judgment of the Director of Finance, anopen-market purchase of <br />obligations described in (b) in the preceding paragraph for the Escrow Fund is in the best interest of <br />and financially advantageous to this City, the Director of Finance or any other officer of the City, on <br />behalf of the City and in his official capacity, may purchase and deliver such obligations, engage the <br />services of a financial advisor, bidding agent or similar entity for the purpose of facilitating the <br />bidding, purchase and delivery of such obligations for, and any related structuring of, the Escrow <br />Fund, execute such instruments as are deemed necessary to engage such services for such purpose, <br />and provide further for the payment of the cost of obtaining such services, except to the extent paid by <br />the Original Purchaser in accordance with the Purchase Agreement, from the proceeds of the Bonds <br />to the extent available and otherwise from any other funds lawfully available and that are <br />appropriated or shall be appropriated for that purpose. Any actions heretofore taken by any of those <br />officers in connection with the foregoing are hereby ratified and approved. <br />If the City determines to fund or refund other outstanding voted 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 <br />in 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 />-16- <br />