92-032 Ordinance - Laserfiche WebLink

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- 3 - Section 6. The Notes shall 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 transcr.ipi: of proceedings with reference to the issuance of the Notes if requested by ttie original purchaser, to ttie original purchaser upon payment of t.he purchase price. The Mayor, the Director of Finance, ttie Clerk of Council and ottier City officials, as appropriate, are each author.ized and directed to sign a.ny transcript ce.rtificates, fi.nancial statements and other documents and instruments and to take such actions as are necessary or apprvpriate to consummate the transactions contemplat.ed by tliis Ord9.nance. The Director of Finance is authorized, if it is determined to be in ttie best interest of the City, to combine the issue of Notes with one or more other note issues o£ the City into a consolidated note issue pursuant to Section 133.20(B) of ttie 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 arid those proceeds are appropriated and shall be used for the purpose for wtiich the Notes are being issued. Any portion of_ those proceeds representi.ng premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The par value to be recei_ved from the sale of the Bonds or of any renewai notes and any excess funds resulting from llie issuance of the Notes shall, to the extent necessary, be used to pay ttie debt cliarges on the Notes at maturity and are pledged for that purpose. Section 9. During the year or years 9_n which ttie Notes are out- standing, there shall be levied on all the t.axable property in the Ci.ty, in addition to all other taxes, the same tax that would have been levied if ttie Bonds had been issued without the prior issuance of the Notes. Tlie tax shall be within the il.l-mill limitation provided by the Charter of the City, staal.l be and is ordered computed, certified, levied and extended tzpon the tax dupli- cate 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 pref:erence to all other items and for the full amount thereof. The proceeds of the tax levy sha11 be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on ttie Notes or the Bonds when and as t:tie same fall due. In each year to the extent the income from the City's sanit.ary sewer system is available for the payment of debt charges on t:he Not.es and Bonds and is appropriated for that purpose, the amotint of the tax shall be reduced by the amount of income so available and appropriated. Section 10. The City covenants that it will, use, and will rest.rict the use and investment of, the proceeds of the Notes in such manner and to such extent as may be necessary so that (a) ttie Notes will not (i) const.it.t.ite private activity bonds, arbitrage bonds or hedge bonds under Section 141, 148 or 149 of ttie Internal Revenue Code of 1986, as amended (tlte 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 an item of tax preference under Section 57 of the Code.