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with the Purchase Agreement, from the proceeds of the Bonds to the extent available and otherwise
<br />from any other funds lawfully available and that are appropriated or shall be appropriated for that
<br />purpose.
<br />Section 7. Provisions for Tax Levy. There shall be levied on all the taxable property in
<br />the City, in addition to all other taxes, a direct tax annually during the period the Bonds are
<br />outstanding in an amount sufficient to pay the debt charges on the Bonds when due, which tax shall
<br />not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio
<br />Constitution. The tax shall be within the 11.1 -mill limitation provided by the Charter of the City,
<br />shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected
<br />by the same officers, in the same manner and at the same time that taxes for general purposes for
<br />each of those years are certified, levied, extended and collected, and shall be placed before and in
<br />preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be
<br />placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt
<br />charges on the Bonds when and as the same fall 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 as
<br />may be necessary so that (a) the Bonds will not (i) constitute private activity bonds or arbitrage
<br />bonds under Sections 141 or 148 of the Code or (ii) be treated other than as bonds the interest on
<br />which is excluded from gross income under Section 103 of the Code, and (b) the interest on the
<br />Bonds 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 may
<br />be required of it for the interest on the Bonds to be and to remain excluded from gross income for
<br />federal income tax purposes, and (b) it will not take or authorize to be taken any actions that would
<br />adversely affect that exclusion, and (c) it, or persons acting for it, will, among other acts of
<br />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
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