92-033 Ordinance - Laserfiche WebLink

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- 3 - proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the original purchaser upon payment of the purchase price. The Mayor, t.he Director of Finance, ttie Clerk of Council and ottier City officials, as appropriate, are each authorized and directed to sign any transcript certificates, financial statements and other documents and instruments and to take such actions as are necessar.y or appr.opr.iat.e to consummate the transactions contemplated by this Ordinance. Ttie Director of Finance is authorized, if it is determined to be in the best interest of ttie City, to combine the issue of Notes with one or more other note issues of t.he City inY.o a consolidated note issue pursuant to Section 133.20(B) of ttte Revised Code. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into ttie proper fund or fiuids and those proceeds are appropriated and shal.l be iised for ttie purpose for which the Notes are being issued. Any port.ion of t.tiose proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The par value to be received £rom Y.he sale of ttie Bonds or of any renewal notes and any excess ftinds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay ttie debt charges on the Notes at maturity and are pledged for that purpose. Section 9. During the year or years in which Y.he Notes are out- standing, there shall be levied on all the taxable pr.operty 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 ttie 11.1-mill limitation provided by the Charter of the City, sha11 be and is ordered computed, certified, levied and extended upon the Y.ax dupli- cate and collected by the same officers, in ttie same manner, and at t.he same time that taxes for general purposes for eacti of those years are certifi.ed, levied, extended and collected, and shail be placed before and in preference to all ottier 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 fa11 diae. In each year to the extent the income from the City's sanitary sewer system is available for the payment of debt cYiarges on the Notes and Bonds and is appropriated for that purpose, the amount of ttie tax sliall be reduced by the amount of income so available and appropriated. Section 10. The City covenants tYiat it will use, and wiJ.l restrict ttie use and investment of, the proceeds of the Notes in such matitier and to such extent as may be necessary so that (a) the Notes wi11 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. (i.i) 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 of tax preference under Section 57 of the Code. The City further covenants that (a) it will take or cause t.o be taken such actions tfiat 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