92-029 Ordinance - Laserfiche WebLink

Home Browse Search

- 3 - and have the Notes si.gned and delivered, t.oget.her wit.h a triie tr.an.script of proceedings witti reference to the issuance of the Notes if requested by the original purchaser, to the original purchaser upon payment of ttie pu.rchase price. The Mayor, the Director of Finance, the Clerk of Council and oth.er City offi.cials, as a.ppropriate, are each authorized and directed to sign any tr.anscript certificates, financial statements and oi;her documents and instruments and to take such actions as are necessary or appropriate to consttmmate the transactions contemplated hy this Ordinance. The Di.rector of F.inance is authorized, if it is determined to be in the best interest of the City, to combine the issi.Le of Not.es with one or more otlier not,e issues of t he City into a consolidated note issue pursuant to Section 133.20(B) of ttie Revised Code. Section 7. The proceeds from the sale of ttie Notes, except any premium and accrued interest, shall. be pai.d into the proper ftind or funds and those proceeds are appropriated and shall be used for ttie purpose for which the Notes are being issued. Any por.ti.on of those pr.oceeds represent.ing premium and accrued interest shall be paid into tlie Bond Retirement Fund. Section 8. The par value to be received from ttie sale of the Bonds or of any renewal notes and any excess funds resulting fr.om ttie issuance of the Notes shall, to the exYent necessary, be used to pay tlie debt charges on tlie Notes at maturity and are pl.edged for that purpose. Section 9. During the year or years in whir.h Y.he Notes are out- standing, there shall be levied on all the taxable property in the Ci.ty, in addition to all other taxes, ttie same tax that would have been levied if ttie Bonds had been issued without t.}ie prior issuance of the Notes. The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered computed, certif-i_ed, levied and exte.nded upon 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 preference to all ottler items and for the f.till amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is i.rrevocably pledged for the payment of t.he debt charges on the Notes or the Bonds w}len and as the same fa11 due. In each year to the extent ttie income from the City's municipal income tax is available f.or the payment of debt charges on the Notes and Bonds and is appropriated for thai: purpose, the amount of the tax sliall be reduced by the amount of income so available and appropriated. Section 10. The City covenants that it will use, and will restr.ict the use and investment of, ttie proceeds of t.he Notes in such manner and t.o such extent as may be necessary sv that (a) i.lie Notes will not (i) cvnstitut.e private activity bonds, arbitrage botids or hedge bonds under Section 141, 148 or 149 of ttie 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 appiies, and (b) the interest on the Notes wi11 not be treated as an item of tax preference under Section 57 of the Code. Tlie City furttier covenatits that (a) it will take or cause to be taken such actions that may be reyuired o£ it for t.he interest on the Notes t:o be and remain excluded from gross income for federal income tax purposes, (b) 9.t