52-75 BAN - construct 5th fl & bridge on parking garage

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-2- Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the Direc- tor of Finance for investment in the Bond Retirement Fund, said notes shall be and hereby are sold to The Cleveland Trust Company, Cleveland, Ohio, at the interest rate specified in this ordinance and in accordance with its offer to purchase; and the Director of Finance is hereby author- ized and directed to deliver said notes, when executed to said purchaser .upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provision of this ordinance. The City hereby covenants that it will restrict the use of the proceeds of the notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of note issuance, so that they will not constitute arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations pre- scribed under that section. The fiscal officer or any other officer, in- cluding the Clerk, having ,responsibility with respect to the issuance of these notes 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 expec- tations pertaining to said Section 103(d) and regulations thereunder. Section 7. Said notes shall be the ful 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 notes and any excess funds resulting from the issuance of said notes shall, to the extent necessary, be used only for the retirement of said notes at matur- ity, together with the interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes run, there shall be levied on all the taxable property in the City of Lakewood, in addition 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 notes.-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. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby re- quired 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 principal and interest of said notes or the bonds in anticipation of which they are 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 notes in order to make them legal, valid and binding obligations 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 taxa- tion, 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.