58-71 Bonds to pay for modernizing Lakewood Hospital

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Section 6. That the Clerk of this Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 7. It is hereby determined that all acts, conditions and things necessary to be done precedent to mid in and for the issuing of said bonds in order to make them legal, valid and binding obligations of the City have been performed in regula~ and due form as required by law; that the full faith, credit and revenue of said City shall be and are hereby irrevocably pledged for the prompt payment of the principal snd interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or consti- tutional, will be exceeded in issuing said bonds. Section 8. Since the permanent improvements for which said bonds are to be issued are urgently needed, the appropriate officers of the City are here- by directed to proceed with all dispatch to secure completion thereof as promptly as is feasible, and it is expected that the same will be completed as soon as possible and that any proceeds of this issue, to the extent not required for retirement of the not~ previously issued, smd s~y proceeds of such prior notes not yet ex~pended~ will be invested or depositod only for a temporary period pending need for expenditure to pay costs of such improvements. The City covenants that proceeds of said bonds shall not be invested or used in such manner that any of said bonds would be" ' arbitrage bonds" for purposes of Section 103(d)(1) of the Internal Revenue Code~of 1954. Section 9. This ordinance having been declared to be an /mergency measure shall be in full force and effect from and immediately after its passage and approval by the Mayor. Passed: Approved: July 6' 1971 resident oi~ coUneml ~' erk of~ouncil