57-71 BAN - owners portion to improve certain streets

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-2- Section 3. That for the purpose of raising money in ~uticipation of the collecti ~ on of special assessments and of the issuance of the afore- said bonds for the above described improvements, it is hereby declared nec' essary to issue ~md there shall be issued notes in the aggregate principal ~o~t of $9,230.. .Section 4. That said notes shall be executed in a series m~d in such a n~2nber ~d denomination as determined by the Director of Fine, ce; shall bear inter, est at a rate not to exceed s' - .. at maturic . - ~x per cent~ (6%) er ~ ~ne ~a~e of their issua~,~ ~ T~' ....... ~ ~ after maturity, sh .... ~,~ ~r~ ~a~u~ ........ - -- ' all - - ~ un u~ oeIol'e o~e ye~ from that date; ~d sh~l be n~mbered consecutively co~ ~nencing ~th Ho. 1. Section 5. That such notes sh~l be executed by the Mayor ~d Director of Finance ~d be~- ~he se~ of the corporation. They sh~ll be payable at the offic~ of the ~d sh~l exor~ss upon their Director o~ Finance, City H~I, L~ke%~ood, Ohio, faces the pu~ose for which they amc issued that they ~ issued P~su~t to this ordin~ce. Section 6. All assesszents collected ~or the ~provement aforesaid, ~d ~y ~expended b~nce remaining in the improvement f[~d a~er the costs ~d exo~nses of said improvements have been paid, shall be applied to the Pa~ent of said notes ~d the interest thereon l~til both are fully provided for. Section 7. Subject to the rejection of said' notes by the DireCtor of Fin~ee for investment in the Bond Retirement F~d, said notes shall be sold at the par v~ue thereof by the Director of Fin~ce at ~ interest rate not exceeding that specified in this ordinance and in accordance %~th the best interests ~d welfare of the City; ~d the Director of Fin~ce is hereby authorized ~nd directed to deliver said notes, when executed, to the P~chas~r upon P~ent of such P~chase price. The proceeds of such sale sh~l be paid into the proper ~d ~d used for the pu~ose for which said notes ~e being issued ~der the provision of this ordin~ce. Section 8. Said notes sh~l be the f~l gener~ obligations of the City of Lake~ood ~d the full fait}], credit ~d revenue of said City ~e here- ~o~ledge~ for the Drop!pt Pa~ent of the s ~he oate of th~ bonds ~utici~at-= ~ ~.e~ The par value to be received p. uu oy sai~ notes ~d ~y excess f~ds result- · ng f~om the issuance of said notes at maturity, together with interest there- °n, ~]d is hereby Pledged for such purposes.. Since the Pe~ent improvements for ~hich said notes are to be ~ssued are urgently needed, the Director ~blic Works of the City is hereby directed to proceed vith all dispatch to secure completion thereof as promptly as is feasible, s~d it -:s expected that the s~e will be coap!etad as soon as Dossible and ~hat any proceeds of this issue rill be invested or deposited oniy for a tenporary period pending need for ekq)enditure to oay costs of such imorovements. This City coven~uts t proceeds of sa~d no{cs shall not be invested or u~] ~ ....... hat of said notes would be arbitrage bonds" for purposes of Section ,, the h%ternal Revenue Code of