92-116 Ordinance - Laserfiche WebLink

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"IN 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 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 shall be paid into the Bond Retirement Fund. Section 9. There shall be levied on all 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 witYiin 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 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 1evy shall be placed in the Bond Retirement Fund, which is irrevo- cably pledged 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 City's municipal income taxes is available for the payment of debt charges on the Bonds and is appropriated for that purpose in accordance with the City's covenants herein, the amount of the tax shall be reduced by the amount of the income so available and appropriated. The debt charges on the Bonds shall be paid from the City's lawfully available municipal income taxes to the extent needed to meet such debt charges. The City covenants to levy and collect, and continue to levy and collect, its municipal income tax during the period the Bonds are outstanding in amounts necessary to pay such debt charges and to apply the proceeds thereof in accordance with its covenants herein. The City further covenants to appropriate annually from its lawfully available municipal income taxes such amount as is necessary to meet such annual debt charges on the Bonds. Section 10. The City covenants tYiat 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, (b) it will not take or authorize to be taken any actions that would adversely - 10 -