29-70 BAN property owners portion to improve streets

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-2- Section 2. ~hat said bonds shall be dated approximately June 1, 1971, shall bear interest at the estimated rate of six and one-half per centum (6-1/~) per ~mum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements, and to retire the unpaid portion of said existing note dated J~me 5, 1969, it is hereby declared necessary to issue and there shall be issued .notes in the aggregate principal amount of $75,350. Section 4. That such notes in 'the amount aforesaid shall bear interest at a rate not to exceed five per centum (5~) per annum, payable at maturity; shall be dated June 5, 1970; shall mature on or before one year from date; shall be issued in such number and denomination as requested by the purchaser; and shall be numbered consecutively commencing ~th No. 1. 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 payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvements have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7. Subject to the rejection of said notes by the Director of Finance for investment in the Bond Retirement Fund, said notes shall be and are hereby awarded and sold to Society National Bank of Cleveland, Cleveland, Ohio; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the said purchaser upon payment of such purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance. The City covenants that proceeds of said notes shall not be invested or used in such manner that said notes would be "arbitrage bonds" for purposes of Section 103(d)(1) of the Internal Revenue Code of 1954. Section 8. Said notes shall be the full general obligation of the City of Lakewood s~d 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 necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9. In the event that such assessments are not collected or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said City for the payment of such notes and the interest thereon; provided, however, that during the year or years while such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said notes, if bonds had been issued therefor without the prior issue of said 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