92-012 Ordinance - Laserfiche WebLink

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- 4 - Section 6. The Notes shall be sold at not less than par at private sale by the 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 tiave ttie Notes signed and delivered, tvgetlier with a true transcript of proceedings with reference to the issuanre of the Notes if requested by ttie original purchaser, to the original purchaser upon payment of ttie purchase price. The Mayor, ttie Director of Finance, the Clerk of Council and other City officials, as appropriate, are each authorized and directed to sign any transcri.pt certificates, financial statements and other documents and instruments and to take such actions as are necessary or appropriate to consummate tYie transactions contemplated by t;his Ordinance. The Director of Firiance is authorized, if it is determined to be in the best interest of the City, to combine the issue of Notes with one or more other note issues of the City into a consolidated note issue pursuant to Section 133.20(B) of tlie Revised Code. Section 7. The proceeds from the sale of the NoY.es, except any premium and accrued interest, shall be paid into ttie proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those Proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section B. The par value to be received from the sale of ttie 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 pledged for thaC purpose. Section 9. During the year or years in which ttie Notes ar.e out- st.anding, there shall be levied on all the taxable property in the City, i_n 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 t.a.x shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered computed, certified, levied and extended 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 other items and for the full amount thereof. TYie proceeds of ttie 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 fall due. In each year to the extent ttie income from the City's municipal income tax is available for the payment of debt cliarges on the Notes and Bonds and is appropriated for that purpose, the amount of the tax shall be reduced by the amount of income so available and appropriated. Section 10. The City covenants that it wil.l use, and 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 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 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.