92-160 Ordinance - Laserfiche WebLink

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,,?... ,..?., - 6 - modifications, completions or changes of or supplements to, such an official statement and annual information statement, (ii) determine, and certify or otherwise represent, when the official statement and annual information statement are to be "deemed final" (except for permitted omissions) by the City as of its date or constitute a final official statement for purposes of SEC Rule 15c2-12(b)(1), (3) and (4), (iii) use and distribute, or authorize the use and distribution of such annual information statement, preliminary official statement and final official statement and any supplements thereto in connection with the original issuance of the Notes, and (iv) complete and sign those official statements and annual information statement as so approved together with such certificates, statements or other documents in connection with the finality, accuracy and completeness of those official statements and annual information statement. Section 9. The proceeds from the sale of the Notes, 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 pur.pose for which the Notes are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 10. The par value to be received from the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance af the Notes shall, to the extent necessary, be used to pay the debt charges on the Notes at maturity and are pledged for that purpose. Section 11. During the year or years in which the Notes are out- standing, there shall be levied on all the taxable property in the City, in addition to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the 11.1-mill limitation 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 certi- fied, 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 stiall be placed in the Bond Retirement Fund, which is irre- vocably pledged for the payment of the debt charges on tYie Notes or the Bonds when and as the same fall due. In each year to the extent the income from the City's sanitary sewer system is available for the payment of debt charges on the Notes and Bonds and is appropriated for that purpose, the amount of the tax shall be reduced by the amount of i_ncome so available and appropriated. Section 12. The City covenants that it will use, and will restrict the use and investment of, the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) the Notes will not (i) constitute private activity bonds, arbitrage bonds or hedge bonds under Section 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 on the Notes will not be treated as an item o£ 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 Notes to be and remain excluded from gross income for federal income tax purposes, (b) it