92-030 Ordinance - Laserfiche WebLink

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- 3 - transcript certificat.es, financial statements and other documents and instru- ments and to take such actions as are necessary or appropriate to consuxrvnate the transactions contempla.ted by th.is Ordina.nce. The Director of F3.nance is authorized, if it is determined to be in tlie best int.erest of the City, to combine the issue of Notes with one or more other not.e issties 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, sha.11 be paid into the pr.oper fund or funds and those proceeds are appropriated and shall be used for ttie pti.rpose fvr whicti the Notes are being issued. Any po.rtion of those proceeds repr.esenting premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The par value to be received from the sal.e o£ 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 piedged for that purpose. Section 9. During the year or years in which Y.tie Notes are out- standing, 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, stiall be and is ordered computed, certi.fied, levied and extended upon the tar, dupli- cate and collected by the same officers, in the same manner, and at the same time that taxes for general. ptir.poses for each of those years are cer.tified, levied, extended and coll.ected, and stiall be placed before and in pret-ereiice to all ot.her items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Ketirement Fund, wliicti is irrevocably pledged for the payment of the debt charges on the Notes or the Bonds when and as the same fall due. In eacti year to the extent the income from the City's sanitary sewerage system is availab].e for the payment of debt cYiarges on the Notes and Bonds and is appropriated for that purpose, the amoiint 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 restrirt the use and investment of, the proceeds of the Notes in such manner and to such extent as may be necessary so ttiat (a) the Notes will not (i) const.itute 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 whicYi Section 103(a) of the Code appli.es, and (b) the i.nterest on the Notes will not be treated as an item of tax preference under Section 57 of the Code. The City f.urther covenants that (a) it w.ill t.ake or cause to be taken such actions that may be required of it for the inte.rest. 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 woul_d adversely affect that exclusion, and (c) i.t, or persons act:ing for it, will, among other act.s of complian.ce, (i) apply the proceeds of the Notes to the governmental