65-74 BAN - construct & equip parking garage

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Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall be payable in Federal Reserve Funds of the United States of America at the office of The Cleveland Trust Company, Cleveland, 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. Subject to the rejection of said note by the Director of Finance for investment in the Bond Retirement Fund, said note shall be and hereby is awarded and sold to Blyth Eastman Dillon & Co., Incorporated, Cleveland, Ohio, at the par value thereof together with'any premium and accrued interest thereof; and the Director of Finance is hereby authorized and directed to deliver said note, when executed to said purchaser upon payment of such purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provision of this ordinance. 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 issuance, so that it will not constitute arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance or any other officer, including the Clerk of Council, haVing responsibility with respect to the issuance of this 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 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 had with reference to the issuance of the note along with such other information as is necessary o{ 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, together with the interest thereon, and is hereby pledged for such purpose. Section 8. During the years 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 without the prior issue of such note. Said tax shall be and is hereby ordered computed, certified, levied and extended upon 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 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 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 issuing 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 taxation, either statutory or constitutional, will have been exceeded in the issuance of said note.