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..... . .. . ... ?. ? .....:.. . ._.... . <br />. .. .. . . . .. .. . ... .... . .,,....,.. .,...:. . <br />- 7 - <br />under Section 141, 148 or 149 of the Internal Revenue Code of 1986, as amended (the Code), <br />or (ii) be treated other than as bonds to which Section 103(a) of the Code applies, and (b) the <br />interest on the Notes will not be an item of tax preference under Section 57 of the Code. <br />The City further covenants that (a) it will take or cause to be taken such actions that <br />may be required of it for the interest on the Notes to be and remain excluded from gross income <br />for federal income tax purposes, (b) it will not take or authorize to be taken any actions that <br />would adversely affect that exclusion, and (c) it, or persons acting for it, will, among other acts <br />of compliance, (i) apply the proceeds of the Notes to the governmental purposes of the <br />borrowing, (ii) restrict the yield on investment property, (iii) make timely and adequate <br />payments to the federal government, (iv) maintain books and records and make calculations and <br />reports, and (v) refrain from certain uses of those proceeds and, as applicable, of property <br />financed with such proceeds, all in such manner and to the extent necessary to assure such <br />exclusion of that interest under the Code. <br />The Director of Finance, as the fiscal officer, or any other officer of the City having <br />responsibility for issuance of the Notes is hereby authorized (a) to make or effect any election, <br />selection, designation, choice, consent, approval, or waiver on behalf of the City with respect <br />to the Notes as the Ciry is permitted or required to make or give under the federal income tax <br />laws, including, without limitation thereto, any of the elections provided for in Section <br />148(f)(4)(C) of the Code or available under Section 148 of the Code, for the purpose of <br />assuring, enhancing or protecting favorable tax treatment or status of the Notes or interest <br />thereon or assisting compliance with requirements for that purpose, reducing the burden or <br />expense of such compliance, reducing the rebate amount or payments of penalties, or making <br />payments of special amounts in lieu of making computations to determine, or paying, excess <br />earnings as rebate, or obviating those amounts or payments, as determined by that officer, which <br />action shall be in writing and signed by the officer, (b) to take any and all other actions, make <br />or obtain calculations, make payments, and make or give reports, covenants and certifications <br />of and on behalf of the City, as may be appropriate to assure the exclusion of interest from gross <br />income and the intended tax status of the Notes, and (c) to give one or more appropriate <br />certificates of the City, for inclusion in the transcript of proceedings for the Notes, setting forth <br />the reasonable expectations of the City regarding the amount and use of all the proceeds of the <br />Notes, the facts, circumstances and estimates on which they are based, and other facts and <br />circumstances relevant to the tax treatment of the interest on and the tax status of the Notes. <br />Section 12. The Clerk of Council is directed to deliver a certified copy of this <br />ordinance to the County Auditor. <br />Section 13. This Council determines that all acts and conditions necessary to be <br />done or performed by the City or to have been met precedent to and in the issuing of the Notes <br />in order to make them legal, valid and binding general obligations of the City of North Olmsted <br />have been performed and have been met, or will at the time of delivery of the Notes have been <br />performed and have been met, in regular and due form as required by law; that the full faith and <br />credit and general property taxing power (as described in Section 10) of the City are pledged for <br />the timely payment of the debt charges on the Notes; and that no statutory or constitutional <br />limitation of indebtedness or taxation will have been exceeded in the issuance of the Notes. <br />Section 14. This Council finds and determines that all formal actions of this Council <br />and of any of its committees concerning and relating to the passage of this ordinance were taken <br />in an open meeting of this Council or those committees and that all deliberations of this Council <br />and of any committees that resulted in those formal actions were in meetings open to the public <br />in compliance with the law. <br />D03:[00523.DOCS.NOR05225]NOTE_ORI)_NM_SAN SEW $3.975 <br />,F . r ., ...,. . . ...