56-71 BAN - property owners portion to improve certain streets

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-2- Section 3. That'for~the purpose of raising money in anticipation of the collection of specis~ aosessments and of the issuance of the afore- said bonds for the above described improvements, it is hereby declared nec- essary to issue and there shall be issued notes in the aggregate principal amount of $8,060 Section ~. That said notes shall be executed in a series and in such a number ~nd denomination as determined by the Director of Finance; shall bear interest at a rate not to exceed six per centum (6~) per m~num, payable at maturity, and at not to exceed eight per centum (8%) after maturity, shall be dated the date of their issuance and sh~ll mature on or before one year from that date; and shall be numbered consecutively commencing with No. 1. Section 5. That such notes shall be executed by the Mayor and Director of Finm~ce and bear the seal of the corporation. They shall be payable at the office of the Director of Finance, City Hall, Ls~ewood, Ohio, and shall e×~ress upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and any unexpen~.~d balance remaining in the improvement fund after the costs and expenses of said improvements have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7. Subject to the rejection of said notes by the Director of Finance for investment in the Bond Retirement Fund, said notes shall be sold at the par value thereof by the Director of Finance at an interest rate not exceeding that specified in this ordinance s~d in accordance with the best interests and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the purchaser upon payment of such purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provision of this ordinance. Section 8. Said notes shall be the full general.obligations of the City of Lakewood and the full faith, credit and revenue of said City are here- by pledged for the prompt pay~ent of the same. The par value to be received from the s~le of the bonds anticipated by said notes and ~ny excess funds result- ing from the issuance of said notes at maturity, together with interest there- on, ~nd is hereby pledged for such purposes. Since the pe~anent improvements for which said notes' ~e to be issued are urgently needed, the Director of Public ~orks of the City is hereby directed to proceed with all dispatch to secure completion thereof as pro~nptly as is feasible, and it is expected that the sa~e will be completed as soon as possible and that ~n? proceeds of this issue will be invested or deposited only for a temporary p,~lod per,ding need for expendit~-e to pay costs of such i~provements.. This City covenants that proceeds of said notes shall not be invested or used in such m~uner that any of said notes vould be "arbitrage bonds" for purposes of Section 103(d)(1) of the Internal Revenue Code of 1954.