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-2- <br /> <br />issue and there shall be issued notes in the aKgregate principal amount of <br />$6,690. <br /> Section 4. That such notes in the ~ount aforesaid shall bear <br />interest at a rate not to exceed five per centum (5f) per annum, payable <br />at maturity; shall be dated June 5, 1970; shall mature on or before one <br />year from date; shall be issued in such number and denomination as requested <br />by the purchaser; and shall be numbered consecutively co~.~.encing with I,'o. 1. <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 /> oayable at the office of the Director of Finance, City }{all, Lakewood, <br /> ~hio, and shall express upon their -face the purpose for which they are <br /> issued and that they are issued pursuant to this ordinance. <br /> Section 6. Ail assessments collected for the improvement aforesaid, <br /> and any unexpended balance remaining in the improvemant fund after the costs <br /> and expenses of said improvements have been paid, shall be applied to the <br /> payment of said notes and the interest thereon until both are fully provided <br /> for. <br /> Section 7. Subject to the rejection of szid notes by the Director <br /> of Finance for investment in the Bond Retirement Fund, said notes shall be <br /> awarSed and sold at not less than the par value thereof by the Director of <br /> Finance at orivate sale and a~ an interest rate not exceeding that specified <br /> in Section '~ hereof~ and the Director of Finance is hereby auth0rize~ and <br /> directed to deliver said notes, when executed, to their purchaser upon pa>~nent <br /> of such purchase price. The proceeds of such sale shall be paid into the <br /> proper fund and used for the purpose for ~.,,hich said notes ~e being issued <br /> under the provisions of this ordinance. The City covenants that proceeds of said <br /> notes shall not be invested or used in such manner that said notes would be <br /> "arbitrage bonds" for purposes of Section 103(d)(!) of the Internal Revenue <br /> Code of 1954. <br /> Section 8. Said notes shall be the fuil 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 pay~.ent of the ss~e. The par value to be received f~:om <br /> the sale of the bonds anticipated by said notes and ~y excess f~uds resulting <br /> from the issuance of said notes shall, to the extent necessary, be used only <br /> for the retirement of said notes at maturity, together ~th interest thereon, <br /> and is hereby pledged for such purpose. <br /> Section 9- In the event that such assessments are not coiled%ed or <br /> bonds are not issued to provide a fund. for the oa~ent of said notes a% maturity, <br /> a general tsx shall be levied a~ainst all of th4 property in said City for the <br /> pa~ent of such notes and the interest thc-~eon' <br /> ~,ection !0. The Clerk of this Council is herebM directed to forward <br /> a certified copy of this ordinance to the County Au~]itor. <br /> havin~ been declared to be an <br /> ~ec~ion ll. ~t this or~]~nance <br /> ~ ]~e in full force and effect from and i~ediatel>~ a~er <br /> emer,~ency ~.easure, o~-1 <br /> its passage and a~oroval b~r the ~iayor. <br /> <br /> Vic~P~.es.,idont ?f, Council <br /> <br /> ...... - ....... ' ..... : ........ '-C'~rk ol' C~'i~ <br /> <br /> <br />