92-095 Ordinance - Laserfiche WebLink

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- 3 - Section 6. The Notes stiall be sold at not less than par at private sale by t.he Director of Finance in accordance with law and the provisions of this ordinance. The Director of Finance shall sign the certificate of award referred to in Section 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of tkie Notes if requested by the original pur.chaser, to the original purchaser upon payment of the ptirchase price. The Mayor, the Director of Finance, the Clerk of_ Council and other City officials, as appropriate, are each authorized and di.rected to sign any transcript certificates, f inancial statemeuts aiid otfier documents and instruments and to take such actions as are necessary or appropriate to consummate the transactions contemplated by this Ordinance. The Director of Fi.nance is authorized, if it is determined to be in the best interest of the City, to combine the issue of Notes witti one or more other note issues of the City into a consolidated note issue pursuant to Sectivn 133.30(B) of the Revised Code. Section 7. The proceeds from the sale of the Notes, except any premilzm and accrued interest, shall be pa3.d into the proper fund or ftinds and those proceeds are appr.opriated and shall be used for tkie purpose for which the Notes are being issued. Any port.io.n of those proceeds representing premium and accrued interest shall be paid into the Bond Ret.irement Fund. Section 8. The par value to be received f.rom the sale of the Bonds or of any r.enewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the debt charges on the Notes at mat.urity and are pledged for that purpose. Section 9. lluring the year or years in which the Notes are out- standi_ng, 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 dupiicate and coll.ected by the same officers, in the same manner., and at the same time tliat 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 ali 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 pledged for the payment of the debt charges on the Notes or the Bonds when and as the same fall due. Section 10. The Cit.y 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 wi11 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 a preference item under Section 57 of the Code.