03-74 BAN - improve property for off-street parking

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-2- Section 6. Said note shall be first offered to the Director of Finance as 'officer in charge of the Bond Retirement ~kznd, and if not taken by 'said ~and sb~ll be and hereby is a~.~rded and sold to ~mtion~l City Bank, Cleveland, Ohio, at the ~mterest rate specified in this ordinance and in accordance ~ith ~ts -~' '~ · o~ie. to purchase; and the Director of Finance is hereby authorized and directed to deliver said note, vd~en executed, to said purchaser upon payment of such purchase price. The proceeds from such notes, except any prmmium ar~.d accrued interest thereon, shall be paid into the proper ~nd and used for the purpose aforesaid and for no other purpose. ~uy premium and accrued interest shall be tramsferred to the Bond Retirement Fund to be applied .in the payment of principal and interest of said note in the mariner provided by The City hereby covenants that it will restrict the use of the pro- Ceeds of .the note in such manner and to such ex-bent, if any, as r..~y be necessary, after taking into account reasonable e~ectations at the tLme the debt is in- curred, so tb~t it ~.zill not constitute arbitrage bonds under Section 103(d) of. the Internal Revenue Code and the regulations prescribed under that section. The fiscal officer or any other officer, including the clerk, ~b~aving responsi- bility ~.~lth respect to the issuance of this note is authorized and directed to give an g~propriate 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 there~under. Section 7. Said note shall be the full general obligation of the City of La_kewood 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 s~id note and stay excess ilmds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together ~ith the interest thereon, and is hereby pledged for such purpose. Section 8.' During'the year or years ~.~ile such note runs, there shall be levied on all the ts.~ole property in the City of Lakewood, ir. addi-' tion to all other tao~es, a direct tax. annually not less than tb~t which ~.zould have been levied if bonds had beed issued ~lthout the prior issue of such note. Said tax shall be and is hereby ordered co,outed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same __manner and at the same tim. e that taxes for general p'~-~poses for each of said years are certified, e~ended e_nd collected. Said tax. sb~ll be placed before and in preference to all other items and for the full amount thereof. The ftunds derived from said tax levies hereby required shall be placed in a sep~rate smd distinct ikund which, together with 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 fall due. Section 9- It is hereby determined and recited that all acts, con- ditions and things necessary to be done precedent to and in the issuing of said note in order to m-~mke it a legal, valid and binding obligation of the City of Ls~:e~.zood, have been done smd performed in regular and due form as required by law; and tb~t no 1Lmitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the iss'.~smce of said note. Section 10. The Clerk of Council is hereby directed to fo~u,ard a certified copy of this ordinance to the County Auditor. Section il. That this ordinance, having been declared to be an emergency measure, shall be in Full force and effect from~d immediately after its passage and approval by the ~.~yor.