32-70 BAN - Remodel Lakewood Hospital

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-2- Section 5. ~t~at such note shall be executed by the Mayor and, Director of ~Rnance and bear the seal of the corporation; shall be payable at the office of the Society National Bank of Cleveland, Cleve].and, Ohio; and shall express upon its face the purpose for which it is issued and that it is issued ~pursuant to this ordinance° Section 6. Subject to the rejection of said noze by the Director of Finance for investment in the Bond Retirement Fund, said note shall be and hereby is awarded and sold to Society National Bank of Cleveland, Cleveland, Ohio, at th'e par value thereof and the Director of Finance is hereby authorized and directed to deliver said note when executed to the 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 note is being issued under the-provisions of this ordinance. The City covenants that the proceeds of said note, shall not be invested or used in such manner that said note would be an "arbitrage bond" for purposes of Section 103(d)(1) of the Internal Revenue Code of 1954. Section 7. Said note shall be the fuji1 general obligation oi' the City of Lakewood and the full fa'lth, 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 note and any excess ikn~ds' resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpo s e. Section 8. I)uring the years while such note runs, there shall be levied ca- all the taxable property in the City of Lakewood, in addition to all other taxes, a direct tax annually n6t less than that which would have been levied if bonds had been issued without the prior issue of such note. 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 ° note or the bonds in anticipation of which it is issued, when and as the same falls due; provided, however, that in each year to the extent that the income from the City's hospital is available for th~ payment of such note and bonds and is appropriated for such purpose, the amount of such tax shall be reduced by the amount of ~such income so available and appropriated. Section 9. It is hereby determined and recited that ail acts, conditions and th{ngs necessary to be done precedent to and in the issuing of said note in order to make it a legal, valid and binding obligation of the City of Lakewood, have happened, been done and performed in regular and due form and as required by ]~aw; that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said note. Section 10. The Clerk of this Council is hereby directed to 'fo~rard a certified copy of this ordinance to the County Auditor. Section ll. That this ordinance, having beed declared to be an emergency measure, shall be in full force and effect from and immediately after its passage and approval by the Mayor. Passed:,~~./~ , 1970 ~ Approved:_~/~~//~ , 1970 President of CoUncil e '