56-73 BAN - owners portion to improve certain streets

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-2- Section 3. That for the purpose of raising money in anticipation of the levy and collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements, it is hereby de- clared necessary to issue and there shall be issued a note in the principal ~mount of $~3,H16. Section ~. That said note shall be~r interest at the rate of three and ninety-five one-hundredths pe~ centum (3.95%) per annum, payable at maturity, shall be dated the date o~ issuance ~nd shall mature on or before one year from date. Section 5. That such note shall be. executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be pay- able 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 it is issued pursuant to this ordinance. Section 6. All assessments collected for the improvement afore- said, and any unexpended balance remaining in the improvement fund after the costs and expense of said improvements have been paid, shall be applied to the payment of said note and the interest thereon until both are fully paid for. Section 7. Subject to the rejection of said note by the Direc- tor of Finance for' investment in the Bond Retirement Fund, said note is hereby sold and awarded to Society National Bank of Cleveland, Cleveland, Ohio, at the par value thereof; and the Director of Finance is hereby au- thorized and directed to deliver said note, 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 note is being issued under the provision of this ordinance. 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 are 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 fund resulting from'the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, to- gether with interest thereon, and is hereby pledged for such purposes. The City hereby covenants that it will restrict the use of the proceeds of the note in such manner and to such extent,if-any, as may be necessary, after taking into account reasonable expectations at the time of note issuance, so that they will not constitute arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations pre- scribed under that section. The Director of Finance or any other officer, including the Clerk of Council, having responsibility with respect to the issuance of this note is authorized and directed, along or in conjunction with any of the foregoing or with any other officer, employee or consultant of the City, to give an appropriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section 103(d) and regulations thereunder. The Clerk of Council shall furnish to the purchaser of the note a true transcript of proceed- ings, certified by him, af all proceedings had with reference to the issuance of the note along with such other information as is necessary or proper with respect to said note. 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 note at maturity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon; provided, however, that during the year or years while such note runs there shall be