73-73 BAN - storm sewer on Robinwood

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Section 6. Sai'd note shall be first offered to the Director of Finance as officer' in charge of'the Bond Retirement Fund, and if not taken by said fund shall be and hereby is awarded and sold to Cegtral National Bank of Cleveland, Cleveland, Ohio, at par and accrued interest, and the proceeds from such note, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose aforesaid and for the renewal of the outstanding note and ~or no other purpose, and for which purpose said money is hereby appropriated. Any premium and accrued interest shal! be transferred to the Bond Retirement Fund to be applied in-the payment of principal and interest of said note in the manner pro- vided by law.' 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.tssuance, so that it vrlll not constitute arbitrage bonds under SectionlO3(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 responsibilitywlth respect to the issu- ance of this note is authorized and directed, alone or in conjunction~rlth 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, est/- mates and ctrcumstandes 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 proceedings, certified by her, of all proceedings had ~ith reference to the issuance of the note along with such other information as is necessary or proper With respect to said note. Section 7, 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 funds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, to- getherw~th the interest thereon, and is hereby pledged for such purpose. Section 8. During the ~ears while such note runs, there shall be levied on all the taxable Property in the City of Lakewood, in addition to all other taxes, 'a direct tax annually not less than that which would have been levied if bonds had been issued %rithout the prior issue of such note. Said tax shall be and is hereby ordered computed, certified, levied and extended u~on 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 w~th the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued, when and as the same falls due. Section 9.' It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and 'in the issu- ing of said note in order to make it a legal, valid and binding obligation of the City of Lakewood, have been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxa- tion, either statutory or constitutional, w~ll have been exceeded in the issuance of said note.