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the premium and accrued interest received fk-om such sale shall be <br />transferred to the Bond Retirement Fund to be applied to the payment of <br />the principal and interest of said bonds in the ~m~nner provided by law. <br />The Director of Finance is authorized to publish a notice of sale in <br />· he Daily Bond Buyer° <br /> Section 6. That the Clerk of this Council is hereby authorized and <br />directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, <br />Ohio, according to law. <br /> <br /> Section 7. It is hereby determined that all acts, 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 <br /> City have been performed in regular and due form as required by law; that the <br /> full faith, credit and revenue of said City shall be and are hereby irrevoc- <br /> ably pledged for the prompt payment of the principal and interest thereof at <br /> maturity; and that no limitation of indebtedness or taxation, either statutory <br /> or constitutional, will be exceeded in issuing said bonds. <br /> Section 8. Since the permanent improvements for which said bonds <br /> are to be issued are urgently needed, the appropriate officers of the City <br /> are hereby directed to' proceed with all dispatch to secure completion thereof <br /> as promptly as is feasible, and it is expected that the same will be completed <br /> as soon as possible and that any proceeds of this issue, to the extent not <br /> required for retirement of the notes previously issued, and any proceeds of <br /> such prior notes not yet expended, will be invested or deposited only for a <br /> temporary period pending need for expenditure t'o pay costs of such improve- <br /> ments. The City covenants that prOceeds of said bon~s shall not be invested <br /> or used in such manner that any of said bonds would be "arbitrage bonds" for <br /> purposes of Section lOB(d)(1) of the Inte~al Revenue Code of <br /> Section 9. This ordinance having been declared to be an emergency <br /> measure shall be in full force and effect from and immediately after its <br /> passage and approval by the Mayor. <br /> <br /> -- ' ~" Olerk of Co~cil <br /> · - Mayor <br /> <br /> <br />