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compliance, (i) apply the proceeds of the Bonds to the governmental purpose of the borrowing, (ii)
<br />restrict the yield on investment property acquired with those proceeds, (iii) make timely and
<br />adequate payments to the federal government, (iv) maintain books and records and make
<br />calculations and reports and (v) refrain from certain uses of those proceeds, and, as applicable, of
<br />property 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 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 to the
<br />Bonds as the City is permitted or required to make or give under the federal income tax laws,
<br />including, without limitation, any of the elections provided for or available under Section 148 of the
<br />Code, for the purpose of assuring, enhancing or protecting favorable tax treatment or status of the
<br />Bonds or interest thereon or assisting compliance with requirements for that purpose, reducing the
<br />burden or expense of such compliance, reducing the rebate amount or payments or penalties, or
<br />making payments of special amounts in lieu of making computations to determine, or paying,
<br />excess earnings as rebate, or obviating those amounts or payments, as determined by that officer,
<br />which 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 of and
<br />on behalf of the City, as may be appropriate to assure the exclusion of interest from gross income
<br />and the intended tax status of the Bonds, and (c) to give one or more appropriate certificates of the
<br />City, for inclusion in the transcript of proceedings for the Bonds, setting forth the reasonable
<br />expectations of the City regarding the amount and use of all the proceeds of the Bonds, the facts,
<br />circumstances and estimates on which they are based, and other facts and circumstances relevant to
<br />the tax treatment of the interest on the Bonds or the tax status of the Bonds.
<br />Each covenant made in this Section with respect to the Bonds is also made with respect
<br />to all issues any portion of the debt service on which is paid from proceeds of the Bonds (and, if
<br />different, the original issue and any refunding issues in a series of refundings), to the extent such
<br />compliance is necessary to assure exclusion of interest on the Bonds from gross income for federal
<br />income tax purposes, and the officers identified above are authorized to take actions with respect to
<br />those issues as they are authorized in this Section to take with respect to the Bonds.
<br />Section 13. Certification and Delivery of Ordinance and Certificate of Award and
<br />Notice of Defeasance. The Clerk of Council is directed to deliver to the Cuyahoga County Fiscal
<br />Officer (i) a certified copy of this ordinance and a signed copy of the Certificate of Award as
<br />soon as each is available and (ii) promptly after the Closing Date, a certificate to the effect that,
<br />in accordance with Section 133.34 of the Revised Code, the Refunded Bonds are no longer
<br />considered to be outstanding.
<br />Section 14. Satisfaction of Conditions for Bond Issuance. This Council
<br />determines that all acts and conditions necessary to be performed by the City or to have been met
<br />precedent to and in the issuing of the Bonds in order to make them legal, valid and binding
<br />general obligations of the City of North Olmsted have been performed and have been met, or
<br />will at the time of delivery of the Bonds have been performed and have been met, in regular and
<br />due form as required by law; that the full faith and credit and general property taxing power (as
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