46-74 BAN - Constructing 5th fl of garage

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- 2- Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable at the office of the Director of Finance of the City of Lakewood, City Hall, Lakewood, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordi- nance. Section 6. Subject to the rejection of said notes by the Direc- tor 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 :interest rates not exceeding those specified in this ordinance and in accordance with the best interests and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the purchaser upon payment of such purchase price. The pro- ceeds of such sale shall be paid into the proper fund and used for the pur- pose for which said notes are being issued under the provisions of this ordinance. 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 the debt is incurred, 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 fiscal officer or any other officer, including the Clerk of Council having responsibility with respect to the issuance of these notes is authorized and directed 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. Section 7. Said notes shall be the full genera], obligations of the City of I,akewood 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 notes and any excess funds resulting from the issuance of said notes shall, to the ex- tent necessary, be used only for the retirement of said notes at maturity, together with the interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes run, 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 without the prior issue of such notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same off~.cers, in the same manner and at the ssme 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 with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they are issu'ed, when and as the same falls due.