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<br />~cction fi. .Th,at said anticipatory not~.~ in the a~,~ount aforesaid
<br />I;lm].l bcn~: int~r~,ot ~t: t',m r;~te of four m~d ~eventy one-hundredths par ccmtum
<br />{/~,70%) },,r mmum, payable at m.~turity, Stroh norths shall be dated ~larch
<br />I~ 3975, rhall m~ture on ~r before one year from date an'd shall be in such
<br />~u~,xbe~' m',l eenomtnation a~ the purchaser may request.
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<br /> f~ectJ, on 5. That such notes shall be'cxecuted by tlm ?layer
<br />D.~.};r.~ctor of Finance m~d bear the seal of the corporation. They shall be
<br />p~iyab~.' nt the office of the Director of Finance of the City of Lakcwood,
<br />City )h,]l, Lnkewood, Ohio, ,~nd shall express upon their faces the purpo~e
<br />for which tlmy arc .i~:mmd and that they arc issued pursuant to this ordi-
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<br /> Section 6. Subject to th~ reJect.~on of said notes by the DJ. rector
<br />of ¥i,;m~:~ for' Jnvcotmcnt in the' Bond Retirement Fund, said note~; shall be
<br />cud har'~by are awarded end sold to The Clew~land R'rust Cm, q, any, C].eveland,
<br />(1hie, aC thc par va~xm thereof t-eEc.that with any prcm:ium and accrued interest
<br />thcrcof, The Director o~ Finance J.~ Imreby ;]uthorincd ;~nd di. rccted to dc-
<br />:i.!vcr ~w~d notes, ~hcn cxecut'od, Co tho purch~scr upon payment of ouch pur-
<br />ch¢a(: prJc~. Tho procecdc~ nf such sale shall, be paid into tho proper fund
<br />{'mt usc. d for the purpose for which said notes are being issued under the
<br />f~'ovi~!o¥~r; of thJ.~ ordinance,
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<br /> Thc City 1araby covonrmt:~ th?,t it will restrict the uoe of the
<br />I,I*OCCCdf; Of I:11,:~ nol'~r; ill ~llch la:ll;'llsr ¢lld tO such e:.:tcnt, if any, as may bo
<br />nuccs~mry, alter taking into account reasonable expectations at the time
<br />the debt is incurred, so that they will not constitute arbitroge bonds under
<br />Sect:ion ]03(d) of tim Internal Revenue Code and the ref:ulations prescribed
<br />u~,dcr that: [:cation. 'Thc fiscal offlccr or any other officer, including tim
<br />O)a>wk, having respon~ibi!ity with respect to khe J. ssu~nce of thc notes is
<br />ear'.her;Izod m%d directed to give an appl'opriate certificate (m b,:haif of the
<br />City, for ~nc].usion in th~ transcript of p~:occedings, settinB forth the
<br />fc, otg, (,si:iron. res fwd c'[~:c,~:n::ta~tc(':s and rengonab]~ expectations pertaining
<br />tO said Section 103(d) and regulations thereunder.
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<br /> Section 7, Said notes shall be thc full general obliF, at~on of
<br />th~ City bf Lakewood and the full faith, credit and revenue of :;aid City
<br />ara I~ercl~y pledged for the proapt payment of the sa~e. The par value to
<br />bo receiw, d from tho ~ale of the bonds anticipated hv said notes and any
<br />~xces~ funds resulting from the issuance of said notes shall, to the extent
<br />~cc~sary, bo used only ~or the retiren~ent of said notes at maturity, to-
<br />gether ~ei~h the interest ~hereon, and is hereby piedgcd for such purpose.
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<br /> Section 8. DurJ.n% ~hc years ~hile such motes' run, there shall
<br />~=0 levied on all tho taxable property in the City o.f 'L:~kcwood, in addition
<br />to all ~thc'¢ tp. xo~, a direct tax aun,.~ally not iczs" --, ~:hat ~zhich would
<br />ha%'0 been ]cvtcd if bonds had been issued -without ~.:' ',f-lot issue of such
<br />I~ot~:S. said ~ax shall be and i~ h~:rcby ordered co: ..:,-,.j, certified, levi. cd
<br />f,~d ~:xtended t~pon thc tax duplicate and collected by ;.-;,; ~:;ame officers, in
<br />~h0 8arno m~mner and at the sa[ac time that taxes for :-~.:ral purposes for
<br />~aoh of said years are ~ertified, extended and coil.' :ted. Said tax shall
<br />i~ placed before and in preference to all other iter:.: and for the full
<br />m~uUt thereof, Tho funds derived from said tax le*'.'as hereby required
<br />shall be placed in a separate and distinct fund whic:~, to~ether with the
<br />~n~res~ ~ollected on the same, shall be irrevocably pledged for thc pay-
<br />~n~ ~[ th~ principal and imterest of said notes or '.a heads in anticipa-
<br />tion of ~hich they are issued, ~hen and ms the s~=,: -.~.ls due.
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<br />~i ~h~ C~ty o~ I,akk-weod, have been dona aad pcrfo'r".
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<br /> ' :d that all acts.
<br />-, :?:d in the issuinz
<br />-:,:..'lint cblicat£ons
<br /> in r~Eular amc[ d,e
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