92-092 Ordinance - Laserfiche WebLink

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r_ . ?,??.u?..?a? . . ?. - -_ _..:_. t _ _ _ . __• _ _ , . , . - 3 - aut.horized, if it is determined to be in the best interest of the City, to combine the 9.ssue of Notes with one or more other note issues of the City into a consolidated note issue pursuant to Section 133.30(B) of the Revised Code. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shal.l be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the piirpose 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 8. 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 of 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. Secti.on 9. During ttie year or years in which the Notes are out- standi.ng, t.here shall be levied on all the taxable property in the City, in addition to all other taxes, the same tax ttiat would have been levied if the Bonds had been issued wittiout the prior issi.iance of the Notes. The tax shall be witlai.n the 11.1-mill limitatian provided by the Charter of the Ci.ty, shall be and is ordered computed, certified, levied and extended upon the tax dup.li- cate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes fvr each of those years are certified, levied, extended and collected, and shall be placed befor.e and in preference to all other items atid 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 cYiarges on the NoCes or the Bonds when and as the same Eall due. In each year to the extent the income fr.om the City's sewerage system is avaal.able for the payment of debt charges on the Notes and Bonds and is appropriated for that purpose, the amount of the tax stiall be reduced by the amount of income so available and appropriated. Section 10. The City covenants that it wi.ll use, and will restrict the use a.nd investment of, the proceeds of the Notes in sucYi 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 tr.eated ot.her than as bonds to which Section 103(a) of the Code applies, and (b) the interest on tlie Notes will not be treated as an item of tax preference under Section 57 of the Code. The City ftirther covenants that (a) it will take or cause to be taken such actions that may be requi_red of it for the interest on the Notes to be and 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 affect that exclusion, and (c) it, or persons acting for it, will., among other acts of compliance, (i) apply the proceeds of the Not.es to the governmental pur.poses of ttie borrowi.ng, (ii) restrict the yield on investment p.roperty, (iii) make timely and adequate payments to the federai government, (iv) main- tain books and records and make calculations and reports, and (v) refrain from certain uses of those proceeds and, as applicable, vf property financed with such proceeds, all in such manner and to the extent necessary to assure such exclusion of that interest under the Code.