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the City to provide the Annual Information and notices of the events described above shall <br />terminate, if and when the City no longer remains such an obligated person. <br />(d) Annlication for Rating or Bond Insurance. If, in the judgment of the Mayor <br />or the Director of Finance, the filing of an application for (i) a rating on the Bonds by one or <br />more nationally-recognized rating agencies, or (ii) a policy of insurance from a company or <br />companies to better assure the payment of principal of and interest on the Bonds, is in the best <br />interest of and financially advantageous to this City, the Mayor or the Director of Finance may <br />prepare and submit those applications, provide to each such agency or company such information <br />as may be required for the purpose, and provide further for the payment of the cost of obtaining <br />each such rating or policy, except to the extent paid by the Original Purchaser in accordance <br />with the Purchase Agreement, from the proceeds of the Bonds to the extent available and <br />otherwise from any other funds lawfully available and that are appropriated or shall be <br />appropriated for that purpose. <br />The expenditure of the amounts necessary to secure those ratings and to pay the other <br />financing costs (as defined in Section 133.01 of the Revised Code) in connection with the Bonds <br />is authorized and approved. <br />Section 7. Provisions for Tax Lew. There shall be levied on all the taxable <br />property in the City, in addition to all other taxes, a direct tax annually during the period the <br />Bonds are outstanding in an amount sufficient to pay the debt charges on the Bonds when due, <br />which tax shall not be less than the interest and sinking fund tax required by Section 11 of <br />Article XII of the Ohio Constitution. The tax shall be within the 11.1-mill limitation imposed <br />by the Charter of the Ciry, shall be and is ordered computed, certified, levied and extended upon <br />the tax duplicate and collected by the same officers, in the same manner and at the same time <br />that taxes for general purposes for each of those years are certified, levied, extended and <br />collected, and shall be placed before and in preference to all other items and for the full amount <br />thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is <br />irrevocably pledged for the payment of the debt charges on the Bonds when and as the same fall <br />due. <br />Section 8. Federal Tax Considerations. The City covenants that it will use, and will <br />restrict the use and investment of, the proceeds of the Bonds in such manner and to such extent <br />as may be necessary so that (a) the Bonds will not (i) constitute private activity bonds, arbitrage <br />bonds or hedge bonds under Sections 141, 148 or 149 of the Code or (ii) be treated other than <br />as bonds to which Section 103 of the Code applies, and (b) the interest thereon will not be an <br />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 Bonds to be and to remain excluded from gross <br />income for federal income tax purposes, and (b) it will not take or authorize to be taken any <br />actions that would adversely affect that exclusion, and (c) it, or persons acting for it, will, <br />among other acts of compliance, (i) apply the proceeds of the Bonds to the governmental <br />purpose of the borrowing, (ii) restrict the yield on investment property acquired with those <br />proceeds, (iii) make timely and adequate payments to the federal govemment, (iv) maintain <br />books and records and make calculations and reports, and (v) refrain from certain uses of those <br />proceeds, and, as applicable, of property financed with such proceeds, all in such manner and <br />to the extent necessary to assure such 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 Bonds 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 />-12- <br />D03:[00523.DOCS.NOR05228]BOND_ORDINANCE PARK REC_$970.