55-72 BAN owners portion - improve streets

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-2- payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, and shall express 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 unexpended 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 and 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 hereby pledged for the prompt payment of the same. The par value to be re- ceived from the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, totether with in- terest thereon, and is hereby pledged for such purposes. Since the permanent improvements for which said notes are to be issued are urgently needed, the Director of Public Works of the City is hereby directed to proceedwith 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 will be invested or deposited only for a temporary period pending need for expenditure to pay costs of such improvements. The City covenants that proceeds of said notes shall not be invested or used in such manner that any of said notes would be "arbitrage bonds" for purposes of Section 10B(d)(1) of the Internal Revenue Code of Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levi-ed against all of the property in said City for the payment of such notes and the interest thereon; provided, 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 therefor without the prior issue of said notes. Said tax shall 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 general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest 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. Section 10. The Clerk of this Council is hereby directed to for- ward a certified copy of this ordinance to the County Auditor.