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<br /> Seetton 4. That said anticipatory note:; ~.n the amount aforesaid
<br />~hol. 1 bear int'"'q
<br /> e~.t...t at the rate'of four and one-half per centres (4-1/2%)
<br />per annum, payable a~ maturity. Such notes shall be dated March 4, 1975,
<br />shall ,mture on or before one year .from date and shall be in ouch number
<br />and denomination as the purchaser may request.
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<br /> Section 5. That :.'.uch notes shall be exec::l'ed 1)y the. llayor and
<br />Dirc,:tor of Finance and bear the seal. o'f the corporation. 'rl,ey shall br'..
<br />paye. bJ.e at the office of thc: Director of Finance of fha City of l,al.:c~oocl,
<br />City Ua.Il., Leiden:sod, Ohio, aud shall expre, as upon tlmir fa'ces the purpo:;e
<br />for x.:l~ich they are ignued ~rtr.1 that they are issued pursuant to thbs ordi-
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<br /> Section 6. Subject to tile reJec, tim~ of said notes l~y the Director
<br />of Finance for ipvestment in the Bond Retir'cment Fund, said notes shall be
<br />and hereby are m.~ardcd and sold to The Cleveland Trust Compn~y, Clevela~d,
<br />Oh~.o, at the par va:L,e thereof together ~¢ith any pres,lure and' acc~'uad interest
<br />thereof, The Director of Finance is hereby authori:md and directed t:o deliver
<br />tmid notes, when executed, to the purcl,aser upon 1,ab'~:,~:nt '0f re:ch purchase
<br />pr:Ice. The proce, r:.ds of such ?ale shall be paid into t:he proper fm~d and
<br />used for the purpose for which said notes are being J t:uued under the
<br />of this ordinance,
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<br /> The CJt'y hc:rel>y covcncnts thor J.t ~:ill rcr;t;:.ict the uae of the
<br /> proceeds,, of the notes in such ma:mint and to such e::tcnt, if ar~¥', as mmv ba
<br /> necessary, after taking into account reasonable expectations at l:he time
<br /> the debt is incurred, so that they will not constitute arbitrage bonds under
<br /> Section ].03(d) of the Internal Revenue Code and the regulation:~ prescribed
<br /> under that section. The fiscal officer or nny other officer, including the
<br />. Clerk, having ret:possibility x,}ith respect to the J. ssugnce of the notes is
<br /> authorized and directed to give ~n appropria%:e certifJ~cate ou t~eiml, f of the
<br /> City~ for inclusion in the trant~cript of proceedings, setting forth thc
<br /> facts, estimates and circumstances and rt:asonable expectations pertaining
<br /> to said Section 103(d) and regulations tliercunder.
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<br /> Section 7. Said notes shall be tile full p. encral obligation of
<br /> the City of Lakewood and the full faith, c.redit and revenue of said City
<br /> are hereby pledged for the prompt payment of the same. The par value to
<br />'be received from the sale of the bonds anticipated by said notes and any
<br /> excess funds result~lng from the issuance of said not'es shall, to the extent
<br /> necessary, be used only for the retirement of said notes at maturity, to-
<br /> ge'ther with the interest thereon, and is hereby pledged.for such purpose.
<br />
<br /> Section 8. During the years ~.:hile such notes run, there shall
<br />be ].ev.ir:d on all the taxable property in the City of i.;'kcuood, t.n addition
<br />to all other taxes, n dlrect tax annually not less tl,~:~n that ~.:hich would
<br />have been levied if bonds had been issued ~:ithout I:h, urlor issue of such
<br />notes, said tax shall be and is hereby ordered con',pt, t~d, certified, levied
<br />and extended upon the tax duplicate and collected by the same officers, in
<br />tile same m~nner and at the same 'time that taxes .for ~beneral purposes for
<br />each of said years are certified, extended m~d collr':cted. Said tax shall
<br />be placed bef6re and in preference to all other item.~ and for tile full
<br />amount thereof. The funds derived from said tax levies hereby required
<br />shall be placed in a separate and distinct fund which, together with tile
<br />interest collected on the same, shall be irrevoc.~bl.y pledged for tile pay-
<br />ment of the principal and interest of said notes or ~.,e bonds in anticipa-
<br />tion of which they are issued, when and as the same .a].ls' due.
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<br /> Section 9. It is hereby detern:ined and r~ ired that all nets,
<br />conditions and things necessary to be done precedes,, to and in the issuing
<br />of said notes in order to make them legal, valid an, binding, obligations
<br />of the City of Lakewood, have been done and perforw. ~ in regular and due
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