Laserfiche WebLink
Section B. That for the purpose of raising money in anticipation <br />of the levy and collection of special assessments and of the issuance of the <br />aforesaid bonds for the above described improvements, it is hereby declared <br />necessary to issue and there shall be issued notes in the aggregate principal <br />amount of $58,760. <br /> Section ~. That said notes shall be executed in a series and in <br />such a number and denomination as determined by the Director of Finance; shall <br />bear interest at a rate not to exceed six per centum (6%) per annum, payable <br />at maturity, and at not to exceed eight per centum (8%) after maturity, shall <br />be dated the date of their issuance and shall mature on or before one year <br />from that date; and shall be numbered consecutively commencing with No. 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 />payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, <br />and shall express upon their faces the purpose for which they are issued and <br />that they are issued pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the imprOvement aforesaid, <br /> and any unexpended balance remaining in the improvement 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 /> <br /> section 7. Subject to' the rejection of said notes by 'the Director <br /> of Finance for investment in the Bond Retirement Fund, said notes shall be <br /> sold at the par value thereof by the Director of Finance at an interest rate <br />not exceeding that specified in this ordinance and in accordance with the <br /> Best interests and welfare of the City; and the Director of Finance is hereby <br /> authorized and directed to deliver said notes, when executed, to the purchaser <br /> upon payment of such purchase price. The proceeds of such sale shall be paid <br /> into the proper fund and used for the purpose for which said notes are being <br /> issued under the provision of this ordinance. <br /> <br /> Section 8. Said notes shall be the full general obligations of the <br />City of Lakewood and the full faith, credit and revenue of said City are here- <br />by pledged for the prompt payment of the same. The par value to be received <br />from the sale of the bonds anticipated by :said notes and any excess funds result- <br />ing from the issuance of said notes at maturity, together with interest there- <br />on, and is hereby pledged for such purposes. Since the permanent improvements <br />for which said notes are to be issued are urgently needed, the Director of <br />Public Works of the City is hereby directed to proceed with all dispatch to <br />secure Completion thereof as promptly as is feasible, and it is expected that <br />the same will be completed as soon as possible and that any proceeds of this <br />issue will be invested or denosited only for a temporary period pending need <br />for expenditure to pay costs of such improvements. The City covenants that <br />proceeds of said notes shall not be invested or used in such manner that any <br />of said notes would be "arbitrage bonds" for purposes of Section 10B(d)(1) of <br />the Internal Revenue Code of 195~. <br /> <br />e <br /> <br /> <br />