82-038 Ordinance - Laserfiche WebLink

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inclusive; which maturities are hereby determined to be in substantially equal annual installments. SECTION 3. The Bonds shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. The Bonds shall be executed by the Mayor and the Director of Finance, one of whose signatures may be a facsimile, and bear the seal of the City or a facsimile of that seal. Interest coupons attached to the Bonds shall bear the facsimile signature of the Director of Finance. The Bonds shall be designated "Division of Fire Equipment Bonds"; and shall be payable in Federal Reserve funds of the United States of America at the principal office of National City Bank, Cleve- land, Ohio, without deduction for its services as the City's paying agent. SECTION 4. The Bonds shall be first offered at par and accrued in- terest to the Director of Finance as the officer in charge of the Bond Retire- ment Fund of the City, and should the Director of Finance refuse to take any or all of the Bonds for the Bond Retirement Fund, then the Bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of the Bonds, except the premium and accrued in- terest thereon, shall be used for the purpose for which the Bonds are issued and for no other purpose. The premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Bonds in the manner provided by law. SECTION 5. The City hereby covenants that it will restrict the use of the proceeds of the Bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for the Bonds, so that the Bonds will not consti- tute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Section. The Director of Finance or any other officer having responsibility for issuing the Bonds is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee or consultant of the City, to give an appropriate certificate of the City, for inclusion in the transcript of proceedings for the Bonds, setting forth the reasonable expectations of the City regarding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the date of delivery of and payment for the Bonds. SECTION 6. If, in the judgment of the Mayor or the Director of Finance, a disclosure document in the form of an Official Statement is appro- priate or necessary in connection with the original issua.nce of the Bonds, each of those officers in his official capacity is authorized to prepare or cause to be prepared on behalf of the City an Official Statement and any nec- essary supplements thereto and on behalf of the City to use and distribute, or authorize the use and distribution of, that Official Statement and any supple- ments thereto in connection with the original issuance of the Bonds. The Mayor and the Director of Finance are each further authorized and directed to execute, on behalf of the City and in their official capacities, that Official Statement and any supplements thereto approved by those officers, and are each authorized and directed to advise the original purchaser or purchasers of the Bonds in writing regarding limitations on the use of the Official Statement and any supplements thereto for purposes of marketing or reoffering the Bonds as necessary or appropriate to protect the interests of the City. The Mayor and the Director of Finance are each authorized to execute and deliver, on behalf of this City and in their official capacities, such certificates in connection with the accuracy of the Official Statement and any supplements thereto as may, in their judgment, be necessary or appropriate. SECTION 7. For the purpose of providing the necessary funds to pay the interest on the Bonds promptly when and as the same falls due and also to - 2 -