Laserfiche WebLink
-2- <br /> <br /> Section 4. That said notes shall be executed and issued at such <br />time or times as may be found by the Director of Finance of this City to be <br />necessary to meet the obligations incurred by this Council for the improve- <br />ments referred to in Section I hereof; such notes shall be executed in a <br />series and in such number and denomination as determined by the Director of <br />Finance; shall bear interest at a rate not to exceed six per centum (6%) per <br />annum, payable at maturity, shall be dated the date of their respective issuance <br />and shall mature on or before one year from the date of the first note issued <br />hereunder; and shall be numbered consecutively commencing with No.1. <br /> <br /> Section 5. That such notes shall be executed by the Mayor and <br />Director of Finance and bear the seal of the corporation. They shall be <br />payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, <br />and shall express upon their faces the purpose for which they are issued and <br />that they are issued pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement aforesaid, <br />and any unexpended balance remaining in the improvement fund after the costs <br />and expenses of said improvements have been paid, shall be applied to the <br />payment of said notes and hhe interest thereon until both are fully provided <br />for. <br /> <br /> Section 7. Subject to the rejection of said notes by the Director <br />of Finance for investment in the Bond Retirement Fund, said notes shall be <br />sold at the par value thereof by the Director of Finance at an iuterest rate <br />not exceeding that specified in this ordinance and in accordancewith the <br />best interests and welfare of the aity; and the Director of Finance is hereby <br />authorized and directed to deliver said notes, when executed, to the purchaser <br />upon.payment of such purchase price. The proceeds of such sale shall be paid <br />into the proper fund and used for the purpose for which said notes are being <br />issued under the provision of this ordinance. <br /> <br /> Section 8. Said notes shall be the full general obligations of the <br />Oity of Lakewood and the full faith, credit and revenue of said City are <br /> hereby pledged for the prompt payment of the same. The par value to be <br /> received from the sale of the bonds anticipated by said notes and any excess <br /> funds resulting from the issuance of said notes shall to the extent necessary <br /> be used only for the retirement of said notes at maturity, together with <br /> interest thereon, and is hereby pledged for such purposes. Since the. Derma- <br /> nent improvements for which said notes are to be issued are urgently needed, the <br /> Director of Public Works of the City is hereby directed to proceed with all <br /> dispatch to secure completion thereof as promptly as is feasible, and it is <br /> expected that the same will be completed as soon as possible and that any <br /> proceeds of this issue will be invested or deposited only for a temporary <br /> period pending need for expenditure to pay costs of such improvements. The <br /> City covenants that proceeds of said notes shall not be invested or used in <br /> such manner that any of said notes would be "arbitrage bonds" for purposes of <br /> Section 103(d)(1) of the Internal Revenue Code of 1954' <br /> <br /> <br />