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<br /> Section 4, That said anti.cipatory notes in the amot~nt aforesaid
<br />shall bear interest at the rate of four and sevcnty'-four one-hundredths
<br />per ccnttm~ (&.74%) per annum, payable at maturity. Such notcs shall be
<br />dated March 4, 1975, shall mature on or her-ore one year from date and shall
<br />be in such number and denomination as the purchaser may request.
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<br /> Section 5. That ~;uch notes shall be execs'ted by the Mayor and
<br />Director of ]?inancc and bear the seal of the corporation. They shall be
<br />payable at the office of the Director of Finance of the City of Lakcwood,
<br />City llall, Lal%ewood, Ob:Is, and shall express t, pon their faces the purpose
<br />for which they are isst~ed and that they are issucct pursuant to this orcti-
<br />~allce.
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<br /> Scctiotl 6. Subject to the rejection of said notes by the Director
<br />of Finance for investment in the Bond Retirement Fund, said notes shall
<br />be and herat~y are awarded and sold to Central .National Bank of Cleve].and,
<br />Cleveland, Ohio, at the par valise thereof together with any premium and
<br />accrued interest thereof. The Director of Finance is hereby authorized
<br />and directed to dcO. ivcrsa"'z~ notes, when executed, to the purcha~;er upon
<br />payment of st~ch porchase price. The proceeds of s,ch sale shall be paid
<br />into the prot,er fund and used for the purpose for which said notes are
<br />being issued under the provisions of this ordinance.
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<br /> Thc'. City hereby covenants that it wi].l rc~;trict thc ~se of the
<br />proceeds of the notes i, such manner and to such extent, if any, as may be
<br />necessary, ~fter taking i;~to account reasonable expcctgtions at the time
<br />the debt %s incurred, so that they will not constitute arbitrage bonds under
<br />Sect.~.on 103(d) of the Internal Revenue Code and the rc~.ulations prescribed
<br />under that ;.;ection. The fiscal officer or any other officer, including the
<br />Clerk, hav.i~g rc.~,onsibiltty with respect to the issuance of the notes is.
<br />autl~orized and directed to give an appropriate certificate on behalf of the
<br />City, for incitation in the transcript of proceedin~.~, setting forth the
<br />facts, estJm~tes and circumstances and reasonable expectations pertaining
<br />to said Section 103(d) and regulations thereunder.
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<br /> Section' 7. Said notes sha].l be the full general oblif,~ation of
<br />the City of Lakewood and the full 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 issuance of said notes she!l, to the extent
<br />necessary, be used only for the retirement of said notes at maturity, to-
<br />gether with the interest thereon, and 'is hereby pledged for such purpose.
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<br />Section 8. During the years while such notes run, there shall
<br />be levied on all the taxable property in the City of Lakew, ood, in addition
<br />to all other taxes, ,a direct tax annually not ].ess t];;u~ that which wo~,ld
<br />have been levied if bonds had been issued without th~ ~rior issue of such
<br />notes, said tax shall be and is hereby ordered comp,.tcd, certified, levied
<br />n,ld extended upon the .tax d~p.l, icate and collected by the same officers, in
<br />the same manner and at the same time that taxes for ,,~.neral p,rposes for
<br />each of said years are certified, extended and collected. Said tax shall
<br />be placed before and in preference to all other itcm.;~ and for the full.
<br />amount thereof. -l'he funds derived from said tax levies hereby required
<br />shall be placed in'a separate and distinct fund which, together with the
<br />interest collected on the same, shall be irrevocably ~,~]ed~cd for the pay-
<br />sent of the principal and interest of said notes or ~'he bonds in anticipa-
<br />tion of which they are issued, when and as the same falls due.
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<br /> Section 9. It i'~; hereby determined and r~'ited that all acts,
<br />conditions ant! t. hin~s necessary to be done precedent :o and ~n the issuing
<br />of said notes in order to make them legal, valid and !~tndin~. obli~,ations
<br />of the City of Lakewood, have been done and performed in. regular and due
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