03-75 BAN - acquire & improve property for off street parking

Home Browse Search

-2- 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 payable at the office of the Director of Finance of the City of Lakewood, 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. Said note shall be first offered to the Director of Finance as officer in charge of the Bond Retirement Fund, and if not taken by said fund shall be and hereby is awarded and sold to Central National Bank o£ Cleveland, Cleveland, Ohio, at the interest rate specified in this ordinance and in accordance with its offer to purchase; 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 from such note, except any premium and accrued interest thereon, shall be paid into the pro~er fund and used for the purpose aforesaid and for no. other purpome. Any premium and accrued ·interest shall be transferred to the Bond Retirement Fund to be applied in the payment of principal.and interest of said note in the manner provided by law. The City hereby cOVenants that it will restrict the use of the pro- ceeds of the note in s~ch manner and to such extent, if any, as~ may be necessary, after taking into account reasonable expectations at the time the debt is in- curred, 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 fiscal officer or any other officer, including the clerk, having responsi- bility with respect to the issuance of this note 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 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 inter.est thereon, and is hereby pledged for such purpose. Section 8. During the year or years while such note runs, there Shall be levied on all the taxable property in the City of Lakewood, in addi- tion to all other taxes, a direct tax annually not less than that ~hich 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 pre- ference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a saparate and distinct fund which, together with the interest collected on the same, shall be irreovcably 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 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.