04-75 BAN - construct storm & sanitary sewers

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-2- Section 6. Said notes shall first be 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 is hereby awarded and sold to The Cleveland Trust Company, Cleveland, Ohio, at par and. accrued interest, and the proceeds from such note, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose and for which purpose said money is hereby appropriated. 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 u~e'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 the debt is. incurred, so that it will not constitute an arbitrage.bond 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 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 per- taining 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 any any excess funds resulting from the issu- ance 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.service. Section 8. During the 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 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.'~SAi~ tax. shall be placed before and in preference to all other items 'and for the'full amdunt ' ' 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'.p~incipal 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 ma'ke 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 notes. Section 10. The Clerk of Council is hereby directed to forward a certified ._copy of this ordinance to the'County Auditor. Section 11. That this ordinance,having been declared to be an emergency measure, shall be in full force and effect from and ~ ~mme,diately after its/ ~assage Approved: /~ ~-/f President of Clerk of C~ncil. yor