2025-032 Ordinance - Laserfiche WebLink

Home Browse Search

Section 8. Application and Pledge of Bond or Renewal Note Proceeds or Excess Funds. The par value to be received from the sale of the Bands or of any renewed notes and any excess Russ resulting from the issuance of the Notes shall, to the extent necessary, be used w pay the debt charges on the Notes at 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 on all the taxable property in the City, in addition w all other tares, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered computed, certified, levied and extended upon the tax duphome and collected by the same officers, in the same macron, and a the same time that taxes for general puryous for each of thou years are certified, levied, extended and uRected, and shall be placed before and in preference to all other items and f the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the paymem of the debt charges an the Notes or the Bonds when and as the same fall due. In each year the amount of the tar shall he reduced by the amount of lawfully available municipal income taxes appropriated and to be applied w the payment of the debt charges on the Bonds in compliance with the following covenant To the extern necessary, the debt charges on the Bonds shall be {aid from municipal income taxes lawfully available therefor under the Constitution and laws of the State of Ohio and the Charter of the City; and the City hereby covenants, subject and pursuant to such authority, including particularly Sections 133.05(B)(7) and 5905.51(A)(5) and (D) of the Revised Code, on appropriate annually from such municipal income taxes such amounts, and to continue to levy and collect such municipal income [aces in such amounts, as are necessary to meet such =not debt charges. Nahing in this section in any way diminishes the irrevocable pledge of the full faith and credit and general property taxing power of the City to the prompt payment of the debt charges on the Bonds. Section 10. FNaal Tax Considerations. The City covenants that it wsl use, and will restrict the use and investment of, the proceeds of the Notes in such summer and in such extent as may be necessary a that (a) the Notes will net (i) cormtinrte private activity bonds or arbitrage bonds under Sections 141 or 148 of the Internal Revenue Code of 1986, as emended (the Cade) or ni) be wand other than as bonds the interest on which is excluded from loons income under Section 103 of the Code, and @) the interest on the Nmes will not be an item of tar preference order Sermon 57 of the Cade The City further covenants that (a) it will take a cause w be taken such actions that may be required of it for the interest on the Notes to be and remaw excludnd from gross income for federal income tax proposes, (b) it will net take or authorize to be taken any actions that would adversely affect dal exclusion, and (c) it or persons acting for it, wig, among other aces of compliance, d) apply the proceeds of the Notes to the govemmemal purposses of the bonovmra, (ii) restrict the yield on investment property, (iii) make hardly and adequate payments to the federal government, hv) maintain books mM records and make calculations and reports, and (v) refrain from certain uses of thou proceeds and, as applicable, of progeny financed with such proceeds, roll in such mercer and to the cannot necessary to assure such exclusion of that interest under the Code. his