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would 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 acquired with those proceeds, (ui) make timely and
<br />adequate payments to the federal government, (iv) maintain books and records and make
<br />calculations and reports, and (v) refrain from certain uses of those proceeds, and, as applicable, of
<br />property financed with such proceeds, all in such manner and to the extent necessary to assure such
<br />exclusion ofthat 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
<br />interest thereon or assisting compliance with requirements for that purpose, reducing the burden or
<br />eapense of such compliance, reducing the rebate amount ar payments or penalties, or making
<br />payments of special amounts in lieu of making computations to determine, or paying, excess
<br />eamings as rebate, or obviating those amounts or payments, as determined by that officer, which
<br />action shall be in writing and signed by the officer, (b) to take any and all other actions, make or
<br />obtain calculations, make payments, and make or give reports, covenants and certifications of and
<br />on behalf of the City, as may be appropriate to assure the exclusion of interest from gross income
<br />and the intended tax status of the Bonds, and (c) to give one or more appropriate certificates of the
<br />City, for inclusion in the transcript of proceedings for the Bonds, setting forth the reasonable
<br />expectations of the City regarding the amount and use of all the proceeds of the Bonds, the facts,
<br />circumstances and estimates on which they are based, and other facts and circumstances relevant to
<br />the tax treatment or status ofthe Bonds and interest thereon.
<br />Section 9. Certification and Delivery of Ordinance and Certificate of Award. The
<br />Clerk of Council is directed to deliver promptly a certified copy of this ordinance and a signed copy
<br />of the Certificate of Award to the Cuyahoga County Auditor as soon as each is available.
<br />Sectiov 10. Satisfaction of Conditions for Bond Issuance. This Council determines
<br />that all acts and conditions necessary to be performed by the City or to have been met precedent to
<br />and in the issuing of the Bonds in arder to make them legal, valid and binding general obligations of
<br />the City of North Olmsted have been performed and have been met, or will at the time of delivery of
<br />the Bonds have been perfarmed and have been met, in regular and due form as required by law; that
<br />the full faith and credit and general property taxing power (as described in Section 7) of the City are
<br />pledged for the timely payment of the debt charges on the Bonds; and that no statutory or
<br />constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the
<br />Bonds.
<br />Section ll. Compliance with Open Meeting Requirements. This Council finds and
<br />determines that all formal actions of this Council concerning and relating to the passage of this
<br />ordinance were taken in an open meeting of this Council and that all deliberations of this Council
<br />and of any committees that resulted in those formal actions were in meetings open to the public in
<br />compliance with the law.
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