92-091 Ordinance - Laserfiche WebLink

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- 3 - transcript cert9ficates, financial statements and other documents and instr.u- ments and to take such actions as are necessary or appropr.iate to consummate the transactions contemplated by this ordinance. The Director of Finance is authorized, if it is determined to be in the best interest of the City, to combine ttie issue 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 f.rom the sale of the Notes, except any premitim and accrtied interest., shall. be paid into the proper fund or funds and those proceeds are appropriated and sha:Ll be used for the purpose for whirh the Notes are bei.ng issued. Any port:ion of t.hose 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 ttie Notes at maturity and are pledged for that purpose. Section 9. During the year or years in which the Notes are out- standing, there shall be levied on all the taxable p.roperty 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 wittiin the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered computed, certified, levied and extended upon t.he tax dupli- cate and collected by the same officers, in the same manner., and at the same tirne tliat taxes for general purposes for each of those years are certified, levied, ext.ended and collected, and shall be placed before and in preterence to all other items and for the full amount thereof. TFie proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the paymetit of the debt charges on the Notes or the Bonds when and as the same fall due. In each year to the extent the income from the City's recrea- tional £acilities or from the levy of a tax for municipal recreational pur- poses pursuant t.o Art.icle VIII, Section 8(d) of the Charter of the City is ava.ilable 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 income sv available and appropriated. Section 10. The City covenants that it wi11 use, a.nd will restrict the use and investment of, the proceeds of the Notes in sucti manner and to such extent as may be necessary so that (a) the Notes will not (i) constitute private activity bonds, arbitrage bonds or Yiedge 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. The City further covenants that (a) it will take or cause to be taken siicli 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 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 ottier acts