66-73 BAN - property owners portion to improve certain streets

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-2- Section 4. That said notes shall ~ executed and issued at such time or times as may be found, by the Director of Finance of this City to be necessary to meet the obligations incurred by this Council for the improve- ments referred to in Section 1 hereof, such notes shall be executed in a series and in such number and denomination as determined by the Director of Finance; shall bear interest a~t~a~j~p_t.e~e_.n_~o~. ~_9 exc~ ,.~i~ Re_r~ ~c_e_n~t_~ (6%)per ~nnum, payable at maturity, and at not to exce~ ~ht pe~ centum (8~-~~- annum after m~turity, shall be dated the date of their respective issuance and Shall mature on or before one year from the date of the first note issued hereunder; and shall be numbered consecutively commencing %rith No. 1. Section 5. That such notes shall be executed' by the Mayor and Direct'or of Finance and bear the seal of the corporation. They shall be 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 afore- said, 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 pro- vided 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 here- by authorized and directed to deliver said notes, when executed, to the pur- chaser 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 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 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 neces- sary be used only for the retirement of said notes at maturity, together 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 notes 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 prescribed under that section. The Director of Finance or any other officer, includ- ing the Clerk of Council, having responsibility with respect to the issu- ance of these notes is authorized and directed, alone 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, esti- mates and circumstances and reasonable expectations pertaining to said Section 10B(d) and regulations thereunder. The Clerk of Council shall furnish to the purchaser of the notes a true transcript of proceedings, certified by her, of all proceedings had with reference to the issuance of the notes along with such other information as is necessary or proper with respect to said notes. 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 levied against all of the property in said