43-73 BAN - owners portion - improve easement - Beach Rd- Clfiton Park Lagoons

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Section ~. Such note shall bear interest at a rate not to exceed five per centum (5~) per annum, payable at maturity; shall be dated April 17, 197B and shall mature on or before one year from such date. Section 5. That such note shall be executed ~y the Mayor and Director of Finance and bear the seal of th& corporation. It shall be payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, and shall express upon its face the purpose for which it is issued and that ~t is issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid and any Unexpended balance remaining in the improvement '~und after the costs and expenses of said improvement have been paid, shall be applied to the payment of said~note and the interest thereon until both are fully provided for. Section 7. Subject to the rejection of said note by the Director of Finance for investment in the Bond Retirement Fund, said note 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 ~nterests and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said note, when executed, to the purchaser upon payment of such purchase price. The proceeds of such sale, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose aforesaidand for no other purpose. Any premium and ~ccrued interest shall be transferred to the Bond Retirement Fund to be applied in the payment of the principal and interest of said note in the man- ner provided bylaw. It is hereby certified that it is not expected that the proceeds of the issue of such note will be used in a manner that would cause such note to be arbitrage bonds under Section 10B(d) of the Internal Revenue Code of 1954, as ~mended, and valid regulations thereunder; that all of the proceeds of such note are needed for the purpose for which it is hereby issued, all of such proceeds are expected to be expended upon receipt thereof, and any such proceeds will be invested or deposited only for a temporary period until needed for the purpose for which the no~e is issued; and that this certification is based upon all of the relevant facts and circumstances in existence, including those more particularly to be set forth in the certifi- cate of the fiscalofficer entitled "IRC Section lOB(d) Certificate" which shall be incorporated in the transcript of proceedings pertaining to such note and Which certificate is adopted and incorporated herein by reference. The City covenants to the purchaser of such note that it will make no use of the proceeds of such note°which, if such use had been reasonably expected on the date of issue of such note, would have caused it to be arbitrage bonds under Section lOB(d) of the Internal Revenue Code of 195~, as ~mended, as in effect on the date of such issue, and any valid regulations thereunder, ~nd that it will co~ply with the requirements of said Section lOB(d) and the requirements of any valid regulations thereunder, all to the extent as may be necessary, at the tLme of the use of such proceeds, so that such use will not cause such note to be arbitrage bonds under Section, lOB(d) of the Internal Revenue Code of 1~54~ as amended. ' Section 8. Said note shall be the full general obligation of the City of Lakewood and the full faith, credit and revenue of said City sm~e hereby pledged for the prompt payment of the same. The par'value to be received from the sale of the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose.