2025-030 Ordinance - Laserfiche WebLink

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Section 8. Avelitsigion and Pledge of Bond or Renewed Note Proceeds or Excoss Funds. The par value to be received from the sale of the Bonds or of any renewal notes and any excess mods resulting from the issuance of the Notes shall, run the extent asemary, be used to pay the debt charges on the Notes an maturity, and are pledged for that purpose. Section 9. Provisions for Tax Lew. During the year or years in which the Notes are outstanding, there shall be levied wall the taxable property m the City, in addition m all other taxes the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tar shall be within the 11.1-mill herdsmen provided by the Chatter of the City, shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the smut officers, in the same manner, and at the same time that tares for general purposes for each of thou years are certified, levied, extended and collected, and shall be placed before and in pref ce to all other items and for the full meant thereof The proceeds of the tar levy shall be placed in flue Bond Retirement Ford, which is irrevocably pledged for the payment of the debt charges on the Notes or the Bonds when and as the same fall due. In each year the amount of the tax shall be reduced by the amount of lawfully available municipal income taxes appropriated and to be applied to the payment of the debt charges on the Bonds in compliance wide the following covenant. To the extent necessary, the debt charges on the Bonds shall be paid from municipal income taxes lawfully available transfer under the Constitution and laws of the State of Ohlo and the Charter of the City; and the City hereby revertants, subject and personal to soh authority, including particularly Sections 133.05(B)(7) and 5905.51(A)(5) and (D) of the Revised Code, m appmpriaa annually from such municipal income taxes such amounts, and m continue to levy and collect such municipal income lanes in such amounts, as are necessary he meet such must debt charges. Nothing in this section in arty way diminishes the irrevocable pledge of the full faith and credit and general property thing power of the City to the prompt payment of the debt charges on the Bonds. Section 10. Federal Tax Considerations. The City mventros that it will use, and will restrict the are and investrarnt of, the proceeds of the Notes in such mama and to such extent as may be necessary so than (a) the Noes will not (i) constitute private activity bonds or arbitrage bonds under Sections 141 or 148 of the Intemal Revenue Code of 1986, as amended (the Code) or (n) he treated other than as bonds the interest on which is excluded from gross income under Section 103 of the Code, and (b) the interest on the Notes will not be an item of tax pref ace under Section 57 of the Code. The City further eovenams that (a) it will take or cause to be token such actions that may be required of it fro the interest on the Notes m be and remain excluded from gross income for federal income tax purposes, (b) it will not take or authorize to be taken my actions that would adversely affect that exclusion, aid (c) it, or persons acting for i6 will, among tuber acts of compliance, (i) apply the proceeds ofthe Notes to the governmental poses of the removing, ving, (it) restrict the yield an invesanent property, (in) make timely and adequate payments to the federal government, let maintain books and records and make calculations and repm& and is) morm from certain uses of those proceeds and, as applicable, of property financed with such proceeds, all in such roamer and to the extent necessary, to assure such exclusion of that interest under the Code. MIZ