90-090 Ordinance - Laserfiche WebLink

Home Browse Search

. . _ ???, ? . ? - s - ? ? Those officers are each further authorized to use and distribute, or authorize the use and distribution of, the final official statement, including the annual information statement, and supplements tYiereto in connection with the original issuance of the Bonds as may in their judgment be necessary or appropriate. Those officers and each of them are also authorized to sign and deliver, on behalf of the City, and in their official capacities, tlie final official statement and any supplements thereto and such certificates in connection with the accuracy of the final official statement and any amendment thereto as may, in their judgment, be necessary or appropriate. Section 8. The proceeds from the sale of the Bonds, except any premium and accrued interest, shall be paid into the proper fund or funds, and those proceeds are appropriated and shall be used for the purpose for which the Bonds are being issued. Any portion of those proceeds representing premium and accrued interest shail be paid into the Bond Retirement Fund. Section 9. Ail special assessments collected for the improvement described in Section 1, and any unexpended balance remaining in the improve- ment £und after the cost and expenses of that improvement have been paid, shall be used for the payment of the debt charges on the Bonds untii paid in full and shall be used for no other purpose. In the event and to the extent that those special assessments are not collected, there shall be levied on ail the taxable property in the City, in addition to all other taxes, a direct tax annually during the period the Bonds are outstanding in an amount suFficient to pay the debt charges on the Bonds when due, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio Constitution. The tax shall be within the 11.1 mill limi.tation 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 are 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 piedged for the payment of the debt charges on the Bonds when and as the same fall due. In each year to the extent the income from the levy of the special assessments for the improvement is available for the payment of the debt charges on the Bonds and is appropri- ated for that purpose, the amount of the tax shall be reduced by the amount of the income so available and appropriated. Section 10. The City covenants that it will use, and will restrict the use and investment of, the proceeds of the Bonds in such manner and to such extent as may be necessary so that (a) the Bonds will not (i) constitute private activity bonds, arbitrage bonds or hedge bonds under Sections 141, 148 or 149 of the Internal Revenue Code of 1986, as amended (the Code) or (ii) be treated other than as bonds to which Section 103(a) of the Code applies, and (b) the interest thereon will not be treated as an item of tax preference under Section 57 of the Code. The City further covenants that (a) it will take or cause to be taken such actions that may be required of it for the interest on the Bonds to be and to remain excluded from gross income for federal income tax purposes, and