32-74 BAN - owners portion to improve Beach Rd in Clifton Park Lagoons

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-2 - Section 3. That for the purpose of raising money in anticipa- tion of the collection of special assessments and of the issuance of the aforesaid bonds for the above described improvement, it is hereby declared necessary to issue and there shall be issued a note in the principal amount of $19,287. Section 4. Such note shall bear interest at a rate not to exceed five and one quarter per centum (5-1/4%) per annum, payable at maturity, shall be dated April l?, 1974 and shall mature on or before one year from such 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 expenses of said improvement have been paid, shall be applied to the payment of said note and the interest thereon until both are fully pro- vided 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 interests and welfare of the City; and the Director of Finance is here- by authorized and directed to deliver said note, when executed, to the pur- chaser upon payment of such purchase price. The proceeds of such sale, ex- cept any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied in the pa~nent of the principal and interest of said note in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds df 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 the delivery of and payment for such note, so that the note will 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, having responsibility with re- spect to the issuance of the note 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, estimates and circumstances and reasonable expectations regard- lng the amount and use of the proceeds of the note pursuant to said Section 103(d) and regulations thereunder. 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 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- getherwith interest thereon, and is hereby Pledged for such purpose.