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Section 3. That for thepurpose of raising money in anti~ .patton <br />of the collection of special assessments and of the .issuance of the i-~foresaid <br />bonds for the above described ~nprovements and to the extent necess~,~ to pay <br />and retire the outstanding ~,93,500 note of the City dated Jr,fly 25, 196% it <br />is hereby declared necessary to issue and there shall be issued notes in the <br />aggTegat e principal <br /> <br /> Section 4. That such anticipatory notes in the amount aforesaid <br />shall bear interest at the rate of five s_nd one-quarter per centtu~ (5-!/4~) <br />per ann~n~ such interest to be payable at maturity. Such notes shall be dated <br />July 24~ 197% and shall mature on or before J~ne 21~ 1971; and shall be <br />issued in such number ~nd denomination as requested by the purchaser. <br /> <br /> Section 5. That such notes shall be executed by the Mayor ~nd <br />Director of Fin~ce and bear the seal of the corporation, shall be pa~ble <br />at the office of the Director of Fins~nce~ City E~ll, LsJ~ewood~ Ohi% and <br />shall express upon their faces the purpose for which they are issued and <br />that they are issue~ pursuant to this ordinance. <br /> <br /> Section 6. Bl~ssessments collected for the improvement afore- <br />said~ and any ~nexpended balance remaining in the improvement fund after the <br />costs and expenses of said improvement have been paid, shall be applied to <br />the payment of said notes and the interest thereon until both are fully <br />provided for. <br /> <br /> Section 7. That subject to the rejection of said notes by the <br />Director of Finance for investment in the Bond Retirement Fnnd~ said notes <br />shall be and are hereby awarded and sold to Central National BarZ~ of Cleveland, <br />Clevelan% 0hio~ at not less than the par value thereof; and the Director <br />of Finance is hereby authorized and directed to deliver said notes~ when <br />executed, to thepurchaser upon payment of tlhe purchase price. The proceeds <br />of such sale shall be paid into the proper fund and used for the purpose <br />for which said notes are being issued under the provisions of this ordinance. <br />The City covenants that proceeds of said notes shall not be invested or ~used <br />in such manner that any of said notes would be "arbitrage bonds" for purposes <br />of Section 103(d)(1) of the Internal Revenue Code of 1954. <br /> <br /> Section 8. Said notes shall be tlhe full general obligations of the <br /> City of Lakewood and the fo_ll faith~ credit and revenue of said City are hereby <br /> pledged for theprompt payment of the same. The par v~lue to be received from <br />-~he sale of the bonds anticipated by said not, and any excess funds resulting <br /> from the issuance of said not~ shall to the extent necessary be used only for <br /> the retirement of said notes at maturity~ together ~.~lth interest thereon, and <br /> is hereby pledged for such purpose.~.. <br /> <br /> Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a fund for the payment of said not~ at maturity, <br />a general tax shall be levied against al! of the property in said City for the <br /> <br /> <br />