48-72 BAN owners portion - improve certain streets

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-2- shall bear interest at the rate of two and c~e-half per centum (2-1/2%) per annum, payable at maturity, shall be dated June 23, 1972 and shall mature on or before one year from date. Section ~. That such notes shall be executed by the ~M~for and Director of .Vinance an~ bear the seal of the corporation. They shall be payable at the office of the Director of Fiz~ance, City Hall, Lakewood, Ohio, and ~hall express upon their faces the purpc. ,se for which they are issued and that they are issued pursuant to this ordinance. Section 6. Ail assessments collected for the improvement aforesaid, and any unexpended balance remaining in the i~provement fund after the costs and expense of said improvenents have been I~id, shall be applied to the pay- ment of said notes and the interest thereon until both are f~lly 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 are hereby sold and awarded to Central National Bank of Cleveland, Cleveland, Ohio, at the par value thereof; and the Director of Finance is hereby authorized and d~rected to deliver said notes, when executed, to such 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 ~ general obligations of the City of Lakewood and the full faith, credit and revenue of said City are here- By pledged for the prompt payment of the same. The par value to be received from the aale of the bonds anticipated by said notes and any excess fund re- sulting fr~m the issuance of said notes at ..maturity, together with interest thereon, and is hereby pledged for such purposes. Since the permanent improve- ments for which said notes are to be issued are urgently needed, the Director of Public Works of the City is hereby directed to proceed with all dispatch to secure ccnmpletion 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 will be invested or deposited only for a temporary period pending need for expenditure to pay costs of such improvements. ~he City covenants that proceeds of said notes shall not be invested or used in such manner that any of said notes would be "arbitra~e bonds" for purposes of Section 103~d)(1) of the Internal Revenue Code of 19~. Section 9- In the event that such assessments are not levie~ or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied a~ainst all of the property in said City for the ps~ment of such notes and the interest thereon; provide, how- ever, that during the year or years while such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said notes, if bonds had been issued therefore without the prior issue of said notes. Said tax .~hall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for ~:eneral purposes for each of said years are certified, extended and collected. Said tax ~h-~ be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies i~ereby required shall ~,e placed in a separate and distinct fund, which, tocether ~th the ~nterest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they are issued when and as the same fall due.