14-69 BAN - acquire property for off street parking

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-2- Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at the rate of 4.1 ~ per annum, such interest to be payable at maturity. Such notes sha--ll-'-be dated February 28, 1969, and shall mature on or before February 27, 1970. S~id notes shall be issued in such number and denomination as requested by purchaser. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be pay- able as to both principal and interest at the office of the Director of Finance, Lakewood City Hall, Lakewood, Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Said notes shall be first offered to the Director of Finance as officer in charge of the Bond Retirement Fund, and if not taken by said fund shall be sold to Society National Bank at~ir~r~r~ abcrued interest, and the proceeds from such notes, except any premium and accrued interest thereon, shall be paid' into the proper fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby appropriated. Any premium and accrued interest shall be transferred to the Bond Retirement FUnd to be applied in the payment of principal and interest of said notes in the manner provided by law. Section 7. Said notes shall be the full general obligation of the City of Lakewood and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess fUnds resulting from the issuance of said notes shall, to the extent necessar~ be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes =un, there shall be levied on all the taxable property in the City of Lakewood, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they are issued, when and as the same fall due; provided, however, that in each such year to the extent thab surplus parking revenues are available for the payment of such notes and bonds and are appropriated for such purpose,' the amount of tax shall be reduced by the amount of such funds so available and appropriated. Section 9. It is hereby determined and recited that all acts, conditions and things necessary to be done precede~t to and in the issuing of said notes in order to make them legal, valid and binding obligations of the City of Lakewood, have been done and performed in reg~lar and due form as required by law; and th~ no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said notes.