TIIE CITY OF SOUTHEUCL]D ORDINANCENO.

; BY: REQUESTED BY INTRODT]CED 86-06
ROMEO f\44p _

Decerrbet'26,2()46

AN ORDINANCE T'I'IE TO PITOVIDE FOR 'IIIE ISSLIANC]] AND SALE OiT NOTES II''] ]SSUANCE OF RONDS IN A PRINCIPAIAI.JTICIPATIONOF OIT ]]OR NO1-TT)EXCE]]D$i17,OOO,OOO TIIE PUILPOSI] PAYING AN4OUNT 'flrlE ACiQIIISITION, AND r\NY NECESSARY TFJE COSTS OIr CL,EAI{.\NCI] AND PITEPAIIAI-]ON,OII JiEAL PITOPI]RTYFOR lJIt]]AN I]RG]]NCY. ENT; AND DECLARING AN E1VI liEI )I]VEI,OPIT4 to life to the \\4:fETiIiAS, ilsoaloffioe|hascer'lifiecl theestiuratecl oi'thcituptovemcuts be ill' itlatrtl of the lronc]s the of the lilocr:ecis the irondsimticipated, nraxiutrttn 1iolr cropstr-r-rcted antholized; heteitl arrcl anticilrated filenotes uE Now' TFIllltEFORE' IT ORDAINIJDby the co.r.rcilof the cil)/ of s.rrth llLrclid' Olrio: pecessar'1'to bonds theCily of South lirrclicl of issue T|at Sec!1q]l_l: it is hcleb),cleclaled of'paying tlie costsof the for X117,000,000 thc pLtlpose i1 a prilcipll sunrno1 to exceec.l

apcl a1r1,pecessar)/cle:Llance and plcpalalion, cll real plopet-ty fot ttl.llatr ac,.1r,iiitic,1. velopmettt. r ecle irt beel itrteLcst tlre !,1c1!qrl_2: That said bonclsshall be dateclJannaly 1,2008, shali sum rs urttil tlie plit.tcillal payable set.ni-annual1y percent(6%) per annurrr, rate of six estirratecl a1d shali rnaturein thirty (i0) annual installmenls after"their issnatlce naic1.

that notes (heleinaflerleferled to as the "Notes") l: Sec.tion That it is helebl,cletolminecl of of shall amount not to exceodl1117,000,000 be issued in anticipation the issrrrnce pr.incipal ir.ra 'l-he sen,icesof Calfee, Ilalter'& Gliswold LLP, Bor.rcl pulpose. bolcis 1or the above-described Ohio, as BonclConnselfol tire Notes are hereby retained. The Noles siraLl Clevelancl, Altor.peys. by be solcl at lfivzrte saie and shall beal intet'estat the late flrxecl the FinanoeDilector in his late shall rrol the arvar.cling Notes (the "Cer.tificaleo1'Au,at'd"), provided titat sr"rcir cer-tificate at six exceecl a1clonc-halfpel centum (6.5%) peL alurum. Inleresl ou tire Notes shall be pa1'able fauit, the Notes titat, in tlre eveut of cle b1, rnatlrity, rvith ptovisiori,if r.equcstecl the pulcirasct, rultil the tcn ller oentlutl (10%) peL allllLllll, at sirall bear irrtelest, a rate u,hich shall uo1 exct:ccl shall is paid or provirlocl[or', TIie Notes shall bc clatedtheir dale of issuauce, principlti suni flom their clateoi t\volve nlotttlls, inclLrsive, o1 a dlte thaL is betweel thlee montlts a11.1 nlatlte b1'the ]]inaucc l)ilcclol ancl se1forth in the Certificateof Au'altl, issuance.all as cleler.n'rineci the Notes sllaii malure oll the fir's1 tfral if such matulity cltrtcis no1 a busitressc1ay, proyiclercl b)' to plecedingsuch date. Tire Noles shall uo1 be.srrb.ject l'edcmption bgsiless clat,iutmediately thrt of an1'titIe pIior to matlttitl', unlessthe o|iginal ]lttl-chaset- the Nt'1esrcqr'res1s tlrc thc Cit1,at in fol irlotes 1;t.ovic1e such reclemption, rvhiclr ctrsept'ovision sirall be uacle fr.rlcalling the Notes rvlitten nolice to the Paying Agent fol tlie Notes (as delinccl Lrlton loi t.eclernpLiorr ter.i(10) da1,s .tlre ln laying Ager.rl. addrtiontlte i1'lhe Finance Directol is below), ol to the oliginal ltutcirascr by anrl in the 1ur-nbcr:i clenoniratious ire t'equestecl lhe oLiginalputchaset-, Nlotesshall be issrrecl a'r1 s5ail be pat,ableas to [oth plincipal and inleresl at the olfice of the Iinartce Di;.cclorof the i d / C l i t y ,o r . a 1a | z r n i ro r t l u s t c o u t p a n \c | e s i g n a t eb ] , t h e F i n a t t c eD i r e c l o t ( h e l e i r Ln d i v i c l u a l l l ' o r ' fol cleclttcttou exchauge,collection ol setvicecltlLtge "l'ayin" Agenl"), r,r'ithoitl colle.cLivei)'the To the eltent thal at tlte lraturity of the i'iotes fLrndsof the City, u'hethetfi'otlrthe lci'v of taxes to ale or.other.rvise. nol availablern an autountsu.l'ficienl letite the Notes, the Council of the Citl' oJ'u'hichshall be izing the issuanceof notes ol boncls,the lttciceecis legislationauthot sl.ral1 ltass u s e dt o l e l i l e s a i dN o t e s "Taxable Real llstate Acqlrisition lirrd Section 4: That tlie Notcs shaLlbe clesignated 'l'he 'l..ltbau l\otes Geuelal Obligation Boncl Anliclpatiou Notes, Serics2007". Recleyeiopneni 1o shail statelhey ale lssncdplttsLt:rLrt lhis the fol statetire prirltose r^,,hicl, Notes are rss,"lecl. shall requested bi'the originalpr-ttchasel'in orcli'auce.shall be issLrecl the numbels and clenonrinalions

of by and shall be execr-t1ec1 the Ir4ayor and the FinanceDilector of the City, plovided that orre a facsirnilesignalut'e nla)/ be suchsigtralrtres to ma)'also be isstiecl a DePositoli (as The Notes, plrsuant to the ierms set folth 6-16sr, i1 for ciefinecl) r,rse a booli-ent1y s)/sten (as hereinaflerdefined). The Fiscal Offlcer is her.ei'afleL i lr , , an l r c r e h lr L r t l t o r i z e d d c i i l e c t c d t o I h e e x t e n lt ) c c e s s a r ) ' o e q t t i l e d t o e n L e r n { o a t t r a g l e e l r l e l l t s immobilization, and tlansfer of necessaryir-r cormection rvrth the antlrerrticaliou, cleter.ninecl and interestby u'ire transfer, after' 1br the pal,ment of pr-rncipal ltotes,inoluclilg arrangernenls or ities of the Citt', the not enclanger fr-rnds secrlf tire execuliou titereof r.n,ill thit cleterntining by sitall be conclusively eviclenced the sigrlingot-an)'suchtLgreelnelit. delcrnrinatiOn r.vlrich in sys{epris ulilizecl,(i) the Noles sllall be issuecl the fblnr If alcl as lglg as a b6ok-eqtr.1, in llte of o1e N6te i1 1[e narre of the Depositoly oL its nomiree, as o\vllel')anci irrtn-robiirzecl booli-cnhy lbrm shall irave tto light to in oustod), the Dcpository; (ii) tire beneficial o\^7r1ers of (iii) or'i'nelsiripoi' bencficial '..ceiueNot.s in tire for-ur of physical securitrcsor cet'tificales; t l'or-1islrall [e slrou,n b1, u nno* erth)/ on tlle s1'slel"n aitttaitleclatlcl bo6l*-cp1r'y, iltlereslsin of (as heleinafiel definecl),and lrarrsfet's the Lr), operaled 1lr" O.rru.iloly apcl i1s Partioipants boolt enlry by the Delrosiloly ancl its by on11' of ownet'ship beneficial iuterests shall be n.rade exccllt for' ol paflicipants; ancl (iv) the Notes as such shall not bc transl'erable exchiittgeable. lry anolhel Deltositoly or 1o anolher norriuee of a Deltosilory,rvithout frtrlhet'actior-i lralsfer.to the Councilof the Citl'. fol'the rloles fol lLsc 10 If anl,Deposilory iletenrines not to corrtinrre act as a Dcpc.rsitor'1' establishecla secLtrtlies i' a Sooli,eptfy systern, the Iriscal Officer rray altempt to irave Depository. lithe Fiscal Olficel cloes qLralified rvitli anotl.rer r'ela1io1shi1t dcpository/booli-enlr1, Fiscai Officer', afler mal<ingplovision for. notiilcation ol the: noi or is unalrle 1o do so, the he an'angemenls deeuls tlecessa|y, shall beneficialowuers by the thcn Depository and anl, otherand delivel note cerlificates authenticate wit|dr:au,alof the notes fi'om the I)epositoly, at'rd per.rnit 'in of fot'm, as he deternines,to the assigns the Depclsitoryot its tlomince. all b."r.1.or registereil at the cosl a1d expense(including any costs of printing),if the event is rlot the result of Cor"rncil lssllltllce. pel'sol1s sLlcll reclttesting oJ'tltose actiouor inactiort, As usedin this Section and this Ordinance ,'Iiooit entr.1, unclet ra4lioh (i) the forl1" or "boolc-ently s),slem" mcans a form or s),s1eltt only thlotrgll a I'ook etllt ) ltrrd to ltlinoipal ancl inlerest miry be tt'ansfet'recl beneficialright o111,to a Depositol),ol ils nottlinee as owner, u'ith the notes (ii) physicallotes are issr.tecl tecord tiraLjclenli[res and "inrmobilizeci" the cnsloclyof the Dcposilor'1,, thc book entt'yis t1"re to ill r-rf the ou,ners beneficialit-ttctests that principal artdintclesL federal la\ / "Depositor1," uteals iuty securiliesdepositolythat is a clearingageltcy r-lllcler of bcneficial ou,net'sitilt the liglit to to Lecorcl :t1's1s11 opcratilg aircluaintainilg a boolc-e1tr-1, piin.ipnf anclintelest, alld to el'fect trausfels of n0les. in booli-entry lottn. aLid includes ancl Ner'r' Yolli, crontpartl'), Tl'uql Corn]lany (a linrited purllose1r\ls1 ir',,..nijnitiuill, The Deposrror')/ Neu,Yotk. trnclcre irnol.-erttty u,ith a Depositor'1' "Par.ticipalt"utcetnsalty palticilrant coutraclirtg baulis ancl Lrust colllptlllies, lLncjclealirrg clealets, s),stelrancl ilclLrclcsseculily blokels anrcl corporriious. sale a1 llol lcss lltarr tire |a| rnltrc l-har fhe Notes sitall be solcl a1l)ri\/a1e lep4ql: rrtiuecl the Fiscal Ofllcer to be in the best by thereofb,v the Fiscal Ofllcer. in a manner cletct atld (lilecteclto clelivertire is herebl,attthoi'ized financialiltelesr of the Cjt-y; 1he Fiscal OlficeL -l'he 'No1es. titereof it1:rc.rn of oliginal pru'cltaser to r,,,lten executecl, tlie ltayl-neltt the pril'chaseprice 9f pr.oceecls sLtc5sale shall be ltaid into llte ltloltel fuud attd uscclfot' tlte llurllose lol lvhich the and uncierthe llfovisions of this oLdinartce to pa1'those c0sls of issr-tatrce being issLrecl Noles ar.e iulet'cstshall be setlorth i1 Seclion 113.15(B), Ohio ReviseclCode. Any plemiirur anciaccrtleci to be appliedlo the Paynreill of tLIeplincipal of to tr.ansferre,l the City's JJond Iletilerrenl Fr-nrd on ancl itrlelesl 1lteNotes in tire tnannet ploi'ided b1'laiv a Tliat the Dileclor of Finance is autholiz-ed and dilecteci to execlrte Sef:Ul: ''Disclosur-e of Certi[lcale")dated the date of delrver'1' the (1iie cer.lificate co.liuLrilgcliscloslr:e to ancldeliyer-ed the oliginal purchaselof the Bortdsfor the benefit clf the holdels of tire Boncls

BOI'it) ISSUAI'lCE;2) CEDARCEI'ITEI{ IOI(D Et,-06

ing r'vith S.E.C' in Boncls (the,,Bo1c1holders") and to assist the original pr,irchaser cornplf to shall set forth the City's r-rndertahing provrde u&ich DisclosureCertificate Rule 15;2-12(b)(5), covenantsand agreesthat rt ra'i]l anuualfe'ott; alld notices of cerlain events. The City hereby of Certificale. FaiiLrre the Citl' co'rpl1,with a1d carry ou1 all of the provisionsof the Disclosttre an the Disclosule Certificateshali not be considerecl e\/ent of default; hov"evetfn .onrpty vi,ith tlie City lo and allpl'opliateto cartse ony Nor.i ota"r may tal<esnch actionsas uray be necessarl' its comp11,i.r,i1lrobligations unclerlhis Section that the fLrll Section 7: Thal t1e Notes s|ail be fLrl)generaiobligations of the City ancl pa)'Dlerltof the sanle The |ar' foL pleclgecl the l)r'oD1P1 of foith ^,.,c1-.,.dil lhe City ale lre|eby Lry anticillalecl the Notes and ltrll' excessfirrtds value 1o be leceiver.lficlnt 1he sale of tlie boncis be the issuance of the Notes shall, to the extent llecess.tr)/, usecl on]l' fbr the res'lti'g 1}o9t tlrereou,and js hercir)'pledged for with lhe inletesL 6i'the Noles at rnatlrily Logether r.elirentenl suchpnr'1tose. -[hat l.hercshaii be in'icd orr tho the yearsr,r4tile Notes arc:orrtslanrling, dur-ing !eq1g! 8: not tcl in adciition all oLllerlaxes, a dir.ect1ax arlrlllaLly less in all t].. rzr,r.rt.)1. 1lr-clperty the Cit1,, of witlrorrt ilre prio| issr-tance have been levir:clif bonds haclbecn issLrecl r,voulcl tlran that vr,hich trIt)rr ltrcl extL-rlcled cc|tifred, le.,,iecl contpLrlecl, is tireNotes Saicltax shall be i:lnc1 her.ebl,orclercd officels,in 1he saure lrallller ancl a1 the satlreLilne ancl collecleclb), t1-,-an,rr. the lax dultLioate anclcollected Said yearsate ccltrfiecl,exlerlclecl frrl pLrrlloses cach of saici that taxesibr ge,'r"r-ul befor. ana in ltrefeleuccto all olhor itcurs atlclibl tlle l'rrll arrclttnlthereof' tax shall be ltlaccrl ancldistrnOt shall be placed in a separate fi.on said 1ax ievies l'relclr),requilcd cler.ived The f.ncls; be irl'evocabll'pledgedfoL the on , with rite inlerestcollectecl thc same shall lund rvhich,together. thc)' of tbe principal o1 and intclest on the Notes ol the bonclsin anticipation of ['hich 'a1,'ent however, that in each )/ear to the extent that proviciccl, dLre; falls or. iss.'r.,l,u,hen ancl zisthe sar.ne o1'the Notes atld boncls and at'e fc-rlthe plrl'u-renl are a'ailable fiom othel solu-ces rcvcnLres for snch liurpose, the amounl of srtchclilcot tax upor-rall of tirc taxable pr-o|crtf iLr appro'r.iatec1 auclapplopriatecl. b1, tfr. Cib,shall be r.eclgced the amorurtof sncltlevcnuesso available That u4tile the Notes ate outstandiug,the City hereb;' covenants to fuqtiAng: income tax opprop,ioL.Ilnr-rall1,, to the extent requilecl, sufficient alnoultts 1i'on-rmutlicipal interest on the Noles u4ren the sat-uefall clue. aucl to contintte tcl '..u.nr", 1o lray ltrincipal ancl clebt chal'geson the ls1,y a'cl coliect the 1-nrnicipal incorne tax in an amotutt ltecessar)/to nleet io 1,20A7,the City covenanls deposit into the Bond Retirenlellt Noies. On ot.belbr.eDecer.nbet' jr,ncl, fr-orn avaiiable fnlds applopriated fbt tlre pnr:pose,an amotlllt llscessilry to nleet ally funcl and the shoitiall tir.1 pay exist betweenthe anount lher availablein the Ilond l{cliterneul clnea1uattlrit)'of ille Nol"es aucliutet'est amouutof pr-incipal ancl cielelminecl recited tiral all acts, corrditionsanclthiugs $cction I O: T'ha1it is hcr.ebl' nalte them legal, ol 1o to necesrszr), be clo1eprececlent and in lhe issr.ring the Notes in ol'del.to perforrnecliu tegular atld cltre iravebcen cionea11cl Cit1,,rryi1l valiclanclbinding obligaLionso1 the orcither statulor')' ot of bl, form as r.ecluir.ecl 1"uu,ancl that no lintital.iorr indcbtedness 1:rxatiotr, of in will consiitr,rtional, have beett cxceeciccl the tssttatlcc lire Note s. lo lrr clilectecl lbrward ol Ciruse Section ll: l-ha1 the Iriscal Oificet of tho City, is he|eb1, rnrl C'orttrty a ccrlifiecl co1t1,ofthis Oldinanceto the Counll' Anclitol ol'Cir;'rhoga be for.r.r,zu.c1ecl J l s lLr ucllle lccLIl)tlrct'cfnt 'lltat t1e \4iryot and fiscal Officer',ol cilhct'ol'Lhcnl, ate hcl.etr)'aLrthorizecl Secrion 1Z: of to au(l cieiiveL the oliginal purcltasels the Notes a pfeiinlilra|y and llnal to p, .pr., "**nte or. a1\, other zrpplopliale clocnlrcnt of the Citi' iu contleclionr'r'i1h clisclosr.rrc Ogjciai Stateuleut l l i e s a l ea n c ld e l i i ' c l ) ' o l t h e N o t e s . that ail fot'mal acliotls of tiris CoLrncil SeqgqlLi.l: fitat it is irelebl,ftrundan(l(letefrrilrccl \\'ereaciopledin atr ctlletlnleetirlgof this of to the passage this Ot'clrnance Lelating .nn..r,rr,'.gru1cl on cornt.t.tiltees ot after' Ccr'.cil, I*ci that all cleliberationsof this Clouncil and any of its Lothe |tLblic in itt lgi5,tirat lesulleclin such fomral aotiurrr'r,ele urcetirlgsopell Novenrbet.25, SectionI2i 22 of tire Ohio Revised Code o1llegal lequilenlenls,iuclucltng ocrprlrliarrce,n,itl.,

BOiID ISSUr\l'lCE;2i C IORII 86-0b EI}\R CEN1ER

for the to Secl.ioul4: That this Ordinanceis deen-red be an elnergeltc)/lreastlle necessal)' Ibr the pnblic peace,health, anci safety and fol futther reasonthat the for in',r-r-r-,liot.flr.ruation to provide furtds for ri the fi11her ieasol rhat this orclinance reqriired to be irnmecliateli' effective tileacqtrisitionoftirer'ealpropertl,whiclrisur.gelrtlyneecledtopl.or,idefor.|herve]fareof.the sirall theleon. Whereibre,this Ordinance condrtior.rs citjzensof the City and to eiiminateblightect be in force frorn and afler lire ealiiest peliod alloived bf iau'and ttpon signatrtre take effecl ancl of the lt4ayor. passecl is Ih 9 o _cLay fJanriart,,2007.

of MoclestinoRotneo,Presidenl Councrl Applove c1:

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ISSLIANC[:2] B C . { O R D 8 6 - 0 6 E D A FC E N T E P . O I ' l l )

CERTIFICATE FlSCAL OITF]CER'S ELLclicl, City of Sor-rth Ohio D e c e n r l r e r6 ,2 0 0 6 2

E , T O T ] ' t EC ] O U N C I ]O ] ] ' f I { 1 ]C I T Y O F S O I J T H L I C L I DO I { I O 'l'hc o , LL l L r r r c l e r s i g n e cils c a o f ' f i c eo I t h c C ' i t y f S o r - i t E r r o l i dO h i o , a s d c i i r c db y as f r i ecl { b l l o u , i n c o n t - t c c L iu ,n t h v c ) L u - i l r o l l o ss s L t e s oi s y, [ [ { c i ' i s c c]lo d cS e c t i o nl i 3 . 0 l , h c l e l - rc c r t i f i e a s th t n a l $ 0 1 o t t o e x c e e c l1 7 , 0 0 0 , 0 0o f b o n c l s n c r r o t e is a n l i c i l t a t i o n c i ' c o f ' f o r h c I r L n ' i r o o f ' r a l l i r r g sc p it' ne r t n cp t ' e 1 t a r - i L t o I l t ' . a l1 ' r r o p c t f t 1 , l cl u u s t h c c o s L o [ ' L h ca c c l i s i l i o n ,a n c ia r r l , e c e s s a r ye a t ' a n c e ' s1 : rc,clcvcloltttreltl Lrrbarr
-l'hal to fi life o1' tlre inrprovenret-r[s be ircclriilecl our 1hc the estinratecl to issucis herebycet'tiflecl ire al least llvc (,5)),ears. proceecls o1'saicl

2.

-l-hat u'i1h in borxlsca]cul:tled accorclartcc rlatLrrity o['sLrch the ntaxir-uLrrn 1 0 C o t l r e; r r o v i s i o n sI S e c t i o n 3 3 . 2 o I t h c R e v i s e c l o c l co l O h i o i s a l l e l i s l " l a o , h t h i r t y ( 3 0 ) y c a r s p r o v i c l etc la ti l n o t e si n a n t i c i p a t i o n [ ' s t r c l rr o n r ] s l e o1-Decen-rbcr the fiflh yearlirllor'r'irrS of later or-rts1:urcling thanthe lastclay s t l e t h e y e a l o l ' i s s u a n co f t h e o l i g i n a n o t e s , h e p e r i o dt h e r e o fi n e x c e s o { ' rnatLtritlr said of fi'orl be five (5) yearssha11 dedLrctecl tlre latestirermittecl boncis. 'fhat in of'suchboncls of thc nraximum ntaturity notesissr.recl anlicipation isstteci. the on is trventy(20) yeals{l-onr clalc u,hiclrtlie origiu:rlnotcsu,et.e
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