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be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the
<br />same officers, in the same manner, and at the same time that taxes for general purposes for each of
<br />those years are certified, levied, extended and collected, and shall be placed before and in preference
<br />to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the
<br />Bond Retirement Fund, which is irrevocably pledged for the payment ofthe debt charges on the Notes
<br />or the Bonds when and as the same fall due.
<br />In each year the amount of the tax shall be reduced by the amount of lawfully available
<br />municipal income taxes appropriated and to be applied to the payment of the debt charges on the
<br />Bonds in compliance with the following covenant. To the extent necessary, the debt charges on the
<br />Bonds shall be paid from municipal income taxes lawfully available therefor under the Constitution
<br />and laws of the State of Ohio and the Charter of the City; and the City hereby covenants, subject and
<br />pursuant to such authority, including particularly Sections 133.05(8)(7) and 5705.51(A)(5) and (D)
<br />of the Revised Code, to appropriate annually from such municipal income taxes such amounts, and
<br />to continue to levy and collect such municipal income taxes in such amounts, as are necessary to meet
<br />such annual debt charges. Nothing in this section in any way diminishes the irrevocable pledge of the
<br />fidl faith and credit and general property taxing power of the City to the prompt payment of the debt
<br />charges on the Bonds.
<br />SECTION 10: Federal Tax Considerations. The City covenants that it will use, and will
<br />restrict the use and investment of, the proceeds of the Notes in such manner and to such extent as may
<br />be necessary so that (a) the Notes will not (i) constitute private activity bonds or arbitrage bonds under
<br />Sections 141 or 148 of the Internal Revenue Code of 1986, as amended (the Code) or (ii) be treated
<br />other than as bonds the interest on which is excluded from gross income under Section 103 of the
<br />Code, and (b) the interest on the Notes will not be an item of tax preference under Section 57 of the
<br />Code.
<br />The City further covenants that (a) it will take or cause to be taken such actions that may be
<br />required of it for the interest on the Notes to be and remain excluded from gross income for federal
<br />income tax purposes, (b) it will not take or authorize to be taken any actions that would adversely
<br />affect that exclusion, and (c) it, or persons acting for it, will, among other acts of compliance, (i) apply
<br />the proceeds of the Notes to the governmental purposes of the borrowing, (ii) restrict the yield on
<br />investment property, (iii) make timely and adequate payments to the federal government, (iv)
<br />maintain books and records and make calculations and reports, and (v) refrain from certain uses of
<br />those proceeds and, as applicable, of property financed with such proceeds, all in such manner and to
<br />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 Notes is hereby authorized (a) to make or effect any election,
<br />selection, designation (including specifically designation or treatment of the Notes as "qualified tax-
<br />exempt obligations" if such designation is applicable and desirable, and to make any related
<br />necessary representations and covenants), choice, consent, approval, or waiver on behalf of the City
<br />with respect to the Notes as the City is permitted or required to make or give under the federal income
<br />tax laws, including, without limitation thereto, any of the elections provided for in Section
<br />148(t)(4)(C) of the Code or available under Section 148 of the Code, for the purpose of assuring,
<br />enhancing or protecting favorable tax treatment or status of the Notes or interest thereon or assisting
<br />compliance with requirements for that purpose, reducing the burden or expense of such compliance,
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