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<br /> . Settle, 5. That such note shall be c~xL, c't~t.:(,d by the H;~vor
<br /> I)irCctor of Finance and bear the seal of the corpor;~t.ion, iL: sh~.I._l, be
<br /> payable at the office of the Director of Finance of thc City of Lakewood,
<br />City Hall, Lakewood, Ohlo, and shall express upon ~ts f;~e t'h~ purpose fo~
<br />which it is issued and that it is issued pursuant to this ordinance.
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<br /> Section 6. Subject ~o the rejection of ~;aid m~tt, hy
<br />of Finance for investment ~n the Bond Retirement Fund, sa.id notu shnl. 1 be
<br />and hereby awarded and so]_d to National Ciey [~ank, CJ. eveland, Ohio at the
<br />.par value thereof; and the Director of Finance is hereby authorized
<br />direuted to deliver said note, when executed, to such purchaser upot] payment
<br />of such ptJrchase price. The proceeds of mmh sale slml L he p~'~.id into the
<br />underPr°per thefUndprovisionand uSedoffOrthistheordinance.pUrpose for which said uote is being issued
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<br /> q'Jle CJLy hereby cove,ant,~; th.'~t it w[l.1 r(~:-;l:ri, ct lht~ use of the
<br /> proceeds of the note 'in SIIC[I lllflllnel7 and to st,ch cxce ~t, if any, as m~y
<br /> be nec. ess;lry, after tnki. ng into account reasonable oxpe(:t;itj, o~ ~t: Lbo
<br /> time the debt is incurred, so that they wi. l l ~ot ~:(,~4I [~'ute ;~rbitr;~up
<br /> under Section 103(d) of the In~ernal Revenur~ Code and th~? reguJati, ons pre-
<br /> scribed under that,section. The fiscal officer or any other officer in-
<br /> cluding the C.]erk of Council having responsibility with rcsp~c:t t.o the
<br /> issuance of the note is authorized and directed to g.Lw~ an cq)propriote
<br /> certificate on behalf of the Ctiy, for inclusio,~ :in the trnnscript- of pro-
<br /> ceedings, setting forth the facts, estimates and cLrct,n~qt;]nc, r2s and reasonable
<br /> expectations pertaining to said Section 103(d) and regulations thereunder.
<br />
<br /> Section 7. Said note shall be the full g(mera.l obli/~at'ion of the
<br />City of [,akewood anti the full faith, credit and revcm~e of said City are
<br />hereby pledged for the prompt pa~nent of tho same. Tl~e par w~lue t~ be
<br />received from tine sole of the bauds anticipated by said note and ;~ny
<br />funds resulting from thc issuance of said note shi~JJ, t'o tht~ (.'XIt'Ht
<br />he used on.ly for the retSrc, mcnt of sold note at ma~itv, together with
<br />interest thereon, and is hereby pledged for such purpose.
<br />
<br /> SectJ. on 8. l)uring the years whi.l.o such no~e run~, tJlerc: ~4hall l)e
<br />levied on all the taxable propert7 J.n the City of Lakowood, 'in adcl.ition to'
<br />all other taxes, a d~rect tax annually not ].ess than I.h;~E uh'ic, li wottl, d have
<br />been levied if bonds had been issued without the prior issue off gu:in nc)Ce.
<br />Said tax shall be and is hereby ordered computed, ccrtifLed, levied nnd
<br />extendccl upon the tax duplicate and collected bv the ~;:mo officers, in thu
<br />same manner and at the same t:ime that taxes for [~ellCEal pI1FJ]OSO~q for
<br />of saJ. d years nrc certif:ied, extended and colJoct(,cl. S;~id tax ch:ill
<br />placed before and in preference to all oLher items: and for tl~t, full
<br />ti~ereof. The fun(lc derived from said tax ir:vies; hc'r(,hy r('qttJl'od s;l];]lt
<br />p.Laccd in a separate and distinct fund whi. c:h, Lo[[(:,.kl~or wiL. h the .iht. el'cst
<br />cai. SLotted on the same, shall be irrevocably piodgc, d for Lht~ payment of t'he
<br />principal and interest of said note or the bonds in antic:ipat:iou of which
<br />it is issued, when and as the same falls due.
<br />
<br />Section 9. It :is hereby determi, nod and rc~citc, d t:liat al.l ar.:t::~,
<br />conclJ, t'iong and things net:es~ary to be clone prececl~,,~t to :~nd [n L'ht, i~Stling
<br />of said note in order to make Lt a legal_, valid and l~imliu~ obli>~at.[on of
<br />the City of Lakewoocl, have been done and performed in regtt.lc~r ~nd due form
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