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-2- <br /> <br /> Section 3. That for the purpose of raising money in antic pation <br />of the levy and collection of special assessments o.nd of the issuance of the <br />aforesaid bonds for the above described improvements and to thc extent neces- <br />sary to pay and retire the outstanding $143,000 note of the City datSd July <br />1969, it is hereby declared necessary to issue and there sbmll be is'sued notes <br />in the aggregate principal arno~u~t of ~2,600. <br /> <br /> Section 4. That such anticipatory notes in the a~ount aforesaid <br />sh~!_l: bear interest at the rate of five and four-tenths per centrum (5.1~%) <br />per annmu, payable at maturity, with provision that, in the event of default, <br />the s~m.e shall, bear interest at the rate of eight per centt~ (8%) per o~nn~tm tun- <br />til 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 n~'~foer <br />and denomination as requested by the purchaser. <br /> <br /> Section 5. That such notes shall be executed by the Mayor <br />Director of Finance and bear the seal of the corporation. They ch-od_! 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 ~z~ich they are issued and <br />that they are issued~ pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement afore- <br />said~ and any unexpended balance remaining :in the ~.~provement ilund a~ter <br />the costs and expenses of said improvements have been paid, shall be applied <br />to the paymer~ 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 s,nd are hereby awarded and sold' to The Cleveland Trust Company, <br />Cleveland~ 0hio~ at not less than the par value thereof; and the Director <br />of Finance io hereby authorized and directed ]to deliver said notes, when <br />executed ~to the purchaser upon pa.vment of such purchase price. The proceeds <br />of such sale shall be Paid into the proper f~zud and used for the purpose for <br />which said notes are being issued o_nder the provisiormof this ordins_nce. <br />The City co~.~enants that proceeds of said notes shall not be invested or used <br />in such manner 'that any of said notes ~.zould be "arbitrage bonds" for purposes <br />of Section 103(d)(1) of the Internal Revenue Code of 1954. <br /> <br /> Section ~. Said notes shall be the fUll general obligation of the <br />City of Lakewood and the Full faith, credit and revenue of said City are hereby <br />pledged for the prompt payment of the same. The par value to be received from <br />the sale of the bonds anticipated by said note and any excess ilunds resulting <br />from the issuance of said notes shall to the extent necessary be used only for <br />the retirement of said notes at maturity, togethe..r ~lth interest thereon, and <br />is hereby pledged for such purposes."- .. <br /> <br /> Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a ikuud'for the payment of said notes at <br />~turity, a general tax sb~11 be levied against ~ of the property in said <br />City for the payment of such notes and the interest thereon; provided~ ho:~- <br /> <br /> <br />