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-2- <br /> <br /> Section 3. That for the purpose of raising r~oney in ~nttcipatton <br />of the collection of special assessments o~d of the issuance of the afore- <br />said bonds for the above described improvements, it is hereby declared gec- <br />essary t~ issue ~nd there shall be issued a note in the principal amount of <br />$5,370. · <br /> <br /> Section 2. That said note sh~ll be~r interest at the rate o~ <br />two ~nd sixty-nine one-huudredths per cent~ (2.69%) per ~nnun, payable at <br />m~turity, shall be dated the date of issuance e~d shmll m~ture on or before <br />July 26, 1973. <br /> <br /> Section 5. That such note shall be ~xecuted by the Mayor and <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 />and shall express upon its face the purpose for which it is issued andithat <br />it is issued pursuant to this ordinance. <br /> <br /> Section 6. All assessments collected for the improvement afore- <br />said, and any unexpended balance remaining in the inprovement fund after <br />the costs and eXPenses of said improve=ents have'been paid, shall be applied <br />to the paymen~ of said note and the interest thereon until both are fully <br />provided for. <br /> <br /> Section 7. Subject to the rejection of said note by the Director <br />of Fine, ce fo~ investment in the Bond Retirement Fund, said note shallbe <br />and hereby is sold to Society National Bank of Cleveland, Cleveland, Ohio <br />at the interest rate specified in this ordinance and in accordance with <br />its offer to purchase; and the Director of Finance is hereby authorized <br />and directed to delive~ said note, ~.~hen ~xecuted, to said purchaser upon <br />payment of such i,~urchase price. The proceeds of such sale shall be paid <br />into the proper fund and used for the ~urpose for ~hich said note is being <br />issued ~der the provision of this ordinance. <br /> <br /> Section 8. Said note shall be the full general obligation of the <br />City of L~kewood and the full faith, credit and revenue of said City are here- <br />by pledged for the prompt payment of the ss~e. The par value to be recei~,ed <br />from the sale of the bonds anticipated by said note and shy excess f~nds re- <br />sulting from the issuance of said no~ at ~'aturity, together with interect <br />thereon, and is hereby pledged for such purposes. <br /> <br /> It is hereby certified that it is not expected that the proceeds <br />of the issue of such note will be used in a nanner that would cause such <br />note to be an arbitrage bond under Section 10B(d) of the Internal Revenue <br />Code of 195~, as anended, and valid regulations thereunder; that all of <br />the proceeds of such note is needed for the purpose for which it is <br />hereby authorized to be issued, the project for ~hich such note is to <br />be issued has been completed with due diligence, ~ll available proceeds <br />will be expended within the temporary period reasonably required through <br />the exercise of due diligence to m~e o~y final payments, ~d any such <br />proceeds will ~e 5nvested or deposited only for a temporary period until <br />needed for the purpose for which the note is issued; and that this cer- <br /> <br /> <br />