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SECTION 7. That the Clerk of this Council is hereby authorized <br />and directed to certi£y a copy of this ordinance to the Auditor of CuyahoEa <br />County, Ohio, according to law. <br /> <br /> SECTION 8.~' It is hereby determined that all ac%s, conditions and <br />things necessary to be done precedent to and in and for the issuing of said <br />bonds in order to make them legal, valid and binding obligations of the City <br />have been performed in regular and due form as required by law; that the full <br />faith, credit and revenue of said City shall be and are hereby irrevocab]~ <br />pledged for the prompt payment of the principal and interest thereof at n~turity; <br />and that no limitation of indebtedness or taxation~ either statutory or con- <br />stituticnal, will be exceeded in issuing said bonds. <br /> <br /> SECTI~ 9. As heretofore described, all proceeds of this issue <br />of bonds are required for retirement of the notes previously issued and maturing <br />on Febr~mry 26, 1971, and all proceeds of such prior notes have been expended <br />to pay costs of the above-described improvements or to reduce the principal <br />amount of such notes. The City covenants that proceeds of said bonds shall <br />not be invested or used in such manner t~%% any of said bonds would be "arbitrage <br />bonds" for purposes of Section 103(d)(1) of the Internal Revenue Code of 1954. <br /> <br /> SECTION 10. This ordinance, having been declared to be an emergency <br />measure, shall be in full force and effect from and immediately after its passage <br />and approval by the Mayor. <br /> <br />President of Council/ <br /> Clerk of CoUncil <br /> <br />Approved: .... (~_,~.xx__-,~t-~,~__ /~ , 1971 <br /> <br />~yor <br /> <br /> <br />