Laserfiche WebLink
Section 5. That such note shall be executed by the M~yor ~nd <br />Director of Finance and bear the seal of the corporation. It shall be <br />payable at the office of the Director of Finance, City Hall, Lakewood, <br />Ohio, and shall express upon its face the purpose for which it is issued <br />and that it is issued pursuant to this ordinance. <br /> <br /> Section ~6. All assessments collected for the improvement aforesaid <br />and any unexpended balance re~ining in the improvement fund after the costs <br />and expenses of said improvement have been paid, shall be applied to the <br />payment of said note and the interest thereon until both are fully provided <br />for. <br /> <br /> Section 7. · Subject to the rejection of~ said note by the Director <br />of Finance for investment in the Bond Retirement Fund, said note shall be sold <br />at the par value thereof by the Director of Finance at an interest rate not <br />exceeding that specified in this ordinance and in accordance vrith the best <br />interests ~ud welfare of the City; and the Director of Finance is hereby <br />authorized and directed to deliver said note, 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 note is being <br />issued under the provisions of this ordinance. The City covenants that the <br />proceeds of sa~d note shall not be invested or used in such manner that said <br />note would be "arbitrage bonds" for purposes of Section 103(d)(1) of the <br />Internal Revenue Coke of 1954. <br /> <br /> Section 8. Said note shall be the full general obligation of the <br />City of Lakewood ~nd the full faith, credit and revenue of said City are <br />hereby pledged for the prompt payment of the same. The par value to be <br />received from the sale of the bonds anticipated by ~aid note and ~ny excess <br />funds resulting from the issuance of said note sh~ll to the extent necessary <br />be used only for the retirement of said not.~, at maturity, together with <br />interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a fund for the payment of said note at <br />maturity, a general tax shall be levied against all of the property in said <br />City for the paymenm of such note and the interest thereon. <br /> <br /> Section 10. The Clerk of this Council is hereby directed to <br />forward a~copy of this ordinance to the County Auditor. <br /> <br /> Section I1o That this ordinance, having been declared to be an <br />emergency measure, shall be in force and effect from and immediately after <br />its passage and approval by the Mayor. · <br /> <br />Approved .~~ ? ?~ / ~ ~ ~ <br /> <br />Presi ' t Cou~cil~ <br />Clerk of~0ouncil <br /> <br />.Mayor <br /> <br /> <br />