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-3- <br /> <br />required shall be placed in a separate and distinct fund, whic~ together <br />with all interest collected on the same, shall be irrevocably pledged for <br />the payment of the interest and principal of said bonds when and as the <br />same fall due. <br /> <br /> Section 5. That said bonds shall be first offered at par and <br />accrued interest to the officer in charge of the Bond Retirement Fund in <br />his official capacity, and if said officer refuses to take any or all of <br />said bonds, then said bonds not so taken shall be advertised for public <br />sale and sold in the manner provided by law. The proceeds from the sale <br />of said bonds, except the premium and accrued interest thereon, shall be <br />used for the purpose for which said bonds are issued and for no other purpose; <br />the premium and accrued interest received from 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 manner provided by law. <br />The Director of Finance is authorized to publish a notice of sale in <br />The Daily Bond Buyer. <br /> <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 iH. 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 irrevo- <br />cably 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 /> <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 previouslyissued, 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 expendit...ur.'e to pay costs of such improve- <br />ments. The City covenants that proceeds of' said bonds shall not be invested <br />or used in such manner that any of said bonds would.be "arbitrage bonds" for <br />purposes of Section 103(d)(1) of the Internal Revenue Code of 195H. <br /> <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 />Passed: <br /> <br /> ~yor <br /> <br /> <br />