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<br />Scct'ton f~-. Theft ~:aid anticipatory not:es Jn the a~',~ount aforesaid
<br />cheil b(~ar int~re~;t at t:h(.~ rate of four and sixty one-hondredth~ per centum
<br />(4,f~OZ) per r. nnum. pay~l~le at mat-rity. Such notes ~;hnl]. be datc~d llarch
<br />4, 15175, ~;l'~a!] m~ture on or before on.c year from d~te ~nd shall be in such
<br />~umb~r and danor.~inatioa as the purchaser may rcquet~t.
<br /> Scct:'on 5. That [:uch notes ~.~ha].l be executed by the Mayor and
<br />Dj.~-~..ct:or of F:L~:~?ce and ba~:r the sc~l of the corporati-n. They shall be
<br />pay;:l,].~ at the. (., lice of tl~ DJ.~cctol? of FJ.n;~nce o~] the City of ],a]~cwood,
<br />C:'.ty U~i]., I,nP.c~z(,od, Ohio, ~nd ~:hall es:press upon th~ir faces the purpose
<br />for which they are is~uc.d and that they are. issued pursuant to this stall-
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<br /> Section 6. ~,u~).]ect to the rej~,ctJon of s~J.d notes by the Director
<br />of Finance for inv~stmc~t in the Bond lletircment Fund, said ~%otes shall be
<br />and hereby are awarded and sold to The Cleveland 'fro. st Company, Cleveland,
<br />Ohio, at the p;~r value thc:reef together with any premium and accrued intercept
<br />there:of. The Dire6tor of Finance is ]~creby authorized and directed to de-
<br />liver said not~'~;, when excct~tc~l, to thc purchaser upon payment of~ s,ch purchase
<br />.prJ(:e. The prc, c~eds of such ~;ale ~;hall be paid into the proper fund and
<br /> used for the pu,:~osc for which said notes ~rc being i~;sued under the pro-
<br /> vlsion~: of thi: -'" :once.
<br /> The City hzrcby covcr~nts tb~:t it will ye~.trict the u[~e of the
<br /> proceeds of the notes in such manner arid to such extent, if any, as may be
<br /> necessary, after taking into account reasonab].e expectat~.ons at the time
<br /> the debt is incurred, so that they will not constitute arbitrage bonds under
<br /> Section 103(d) of the Internal. Revenue Code end the re}~ulations prescribed
<br /> under that section. The fi. seal officer or any other officer, includin;: the
<br /> Clerk, having r~,~;ponoibiiity with respa~:t to the i~;:;uance of the notes'is
<br /> a~,t]~orized and directed to give an appropriate certificate on beha].f of.the
<br /> City, for inclu::ion in the tran.~:cript of~ proceediro%~, setting forth the
<br /> facts, estimates and circumstances and reasonable expectations pertaining
<br /> to said Section 103(d) and regulations thereunder.
<br /> Section 7. Said notes shall be the full general obligation of
<br /> the City of Lak~:wood and the ful. 1 faith, credit 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 resulting from the issuonce, of said notes shall, to the extent
<br /> necessary, be nscd only for the retirement of said notes at maturity, to-
<br /> gether with the interest thereon, and is hereby pledged for such purpose.
<br /> · ~,,. there shall
<br /> Section 8. During the years while such not.o run,
<br /> be levied on all the tax:%ble property in the City of ],akcwood, in add. ition
<br /> to all other taxes, a direct tax annually not less t~ n that whJ. ch would
<br /> have bcen levied if bonds had been issued without th3. prior issue of such
<br /> notes, said tox shall be and is hereby ordered computed, certified, levied
<br /> and extended upon the tax duplicate and col].ected b}f the same officers, in
<br /> the same manner and at the same time that taxes for ~encral purposes for
<br /> each of said years are certifi'ed, extended and collected. Said tax shall
<br /> be placed before and in p~-efercnce to all other items and for the full
<br /> amount thereof. The funds derived from said tax lev~es hereby required
<br /> shall be placed in a separate and distinct fund which, together with the
<br /> interest collected on the ssme, shall be irrevocably pledged for the pay-
<br /> meat of the principal and interest of said notes or ~'n~ bonds in anticipa-
<br /> tion of which they are issued, when and as the same falls due.
<br /> Sectiou 9. It is hereby determined and r?clted that all acts,
<br /> conditions and things necessary to be done precedent'to and in the issuing
<br /> of said notes in order to make them legal, valid and binding obligations
<br /> of the City of Lakewood, have been done and performed in regular and due
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