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-2- <br /> <br /> Section 3. That for the purpose of raising money in ant~ci, oat~on <br />of the co].]ect~on of special assessments and of the issuance of the a~oresaid <br />bonds for the above described improvements, and to the extent necess~; to <br />pay and retire the outstanding $129,800 note of the City dated July <br />it is hereby declared necessary to issue and there shall be issued notes in <br />the aggregate principal amount of $127,110. <br /> <br /> Section 4. That such anticipatory notes in the amount aforesaid <br />shall bear interest at the rate of five and four-tenths per centum <br />per annum, payable at maturity, with provision that, in the event of default, <br />the same shall bear interest at the rate of eight per centum (~) per annum <br />until the principal sum is paid. Such notes shall be dated July 24, 1970 and <br />shall mature on or before one year from date; and shall be issued in such nmmber <br />and denomination as requested by the purchaser. <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 exp~ress UPon their faces the purpose for which ~they are issued <br />and that they are i~sued pursuant to this ordinance. .~ <br /> <br /> Section 6. That all assessments collected for the improvement <br />aforesaid, and any unexpended balance remaining in the improvement fund <br />after the costs and expenses of said improvements have been paid, shall be <br />applied to the payment of said notes and the interest thereo~until both <br />are folly 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 Fund, said notes <br />shall be and are hereby awarded and sold to The CleVeland Trust Comp_any, <br />Cleveland, Ohio, at not less than par value'thereof; and the Director of <br />Finance is hereby authorized and directed t6 deliver said notes, when <br />executed to the purchaser upon payment of such purchase, price. The proceeds <br />of such sale shall be paid into the proper fund and used-for the ouroose for <br />which said notes are being issued under the provisions of this or~in~nce. <br />The City covenants that proceeds of said notes shall not be invested or <br />used in such manner that any of said notes 'would be "arbitrage bonds" for <br />~urposes of Section lOB(d)(1) of the Internal Revenue Code of 1954. <br /> <br /> Section 8. That said notes shall be the full general obligation <br />of the City of Lakewood and the full ~faith, credit and revenue of said City <br />are hereby pledged for the prompt payment of the same. The par value to <br />be received from the sale of the bonds anticioated by said notes and any <br />excess funds resulting from the issuance of s~id notes shall to the extent <br />necessary be used only for the retirement of said notes at maturity, together <br />with interest thereon, and is hereb~ pledged for.such purpose. <br /> <br /> Section 9- That in the event that such assessments are not levied <br />or bonds are not issued to provide a fund for the payment of said notes at <br />maturity, a general tax shall be levied against all of the property in said <br />City for the payment of such notes and the interest thereon; provided, however, <br /> <br /> <br />