2025-031 Ordinance - Laserfiche WebLink

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Section T Aonfcation ofNotce Proceeds. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into a separate fund of Us City established for the purpose sn forth in Section 1 pursuant to Sections 5705.09 and 5905.10 of do Revised Code, and those proceeds are appropriated and shall be used for than purpose. The expenditure of those proceeds for that purpose, including, without limitation, for Bouncing costs as defined in Section 133.01 of the Revised Code, is hereby authorized and approved. Any portion of those proceeds representing premium and assented interest shall he paid bean the Bond Retirement Fund. Section 8. Analwai on and Pledge of Bond or Renewed Note Proceeds or Excess Funds. The par value m be reserved l om the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the eaten necessary, be used m pay the debt charges on the Notes at maturity ared are pledged fix that purpose. Section 9. Provisions for Tax Levu. During the year or years in which the Notes are outstanding there shall he levied on all the taxable property in the City, in addition to WI other taxes, the same tax tint would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall he within the 11.1-mill limitation provided by the Charter of the City, shall he and is ordered computed, certified. levied and extended upon the tax duplicate and collated by the same officers, in the same meaner, and at the same time that taxes for general purposes for each of grow years are certified, levied, extended and collected, end shall be placed before and in preference to WI other items and for the fill amount thereof The ptocceds of the cox levy shall he placed in the Bond Retirement Fund which is irevocably pledged for the paymern 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 with the following covenant. To the extent necessary, the debt charges on the Bonds shall be good from municipal income tares lawfully available therefor under the Constitution and laws of the State of Ohio and the Charter of to: City; and the City hereby covenants, subject and pursuanLL to such authority, Including particularly Sections 133.05(B)(7) and 5705.5 BA)(5) and (D) of the Revised Code, to appropriate annually how such municipal income taxes such amounts, all to continue m levy and collect such municipal income taxes in such amounts, as are necessary to meet such aunuW debt charges. Nothing in this moon many way diminishes the irrevocable pledge of the fall f 'lh and credit and general property taxing power of the City to the prompt payment ofthe debt charges on the Bonds. Section 10. Federal Tax Cmsidemtions. The City covenants that it will use, and will restrict the use and mvesmment of, the proceeds of the Noms in such maunn and on such extent as may be necessary an that (a) the Notes will not (i) commune private activity bonds or arbihage bonds under Sections 141 or 148 of the hummed Revenue Code of 1986, as ameMed (the Code) or (ii) be treated other than as bonds the interest an which is excluded from gross income under Section 103 of the Code, and du the interest on the Notes wli not be an item of tax preference under Section 57 of the Cade. The City fuller covenants that (a) it will fake or cause f be ashen such actions that my be reunited of it for the interest on the Notes to be and remem excluded from gross income for federal income tax purposes, (b) it will not tyke or autlwve to be mken any actions that would adversely -6-