01-76 BAN - construct storm & sanitary sewers

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and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Said note shall first be offered to tile Director of Finance as the officer in charge of the Bond Retirement Fund, and if not taken by said fund it shall be arid is hereby awarded and sold to-National City Bank, Cleveland, Ohio, at par and accrued interest, and. the proceeds from such note, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose and for which purpose said money is hereby appropriated. Any premium and accrued interest shall be trans- ferred to the Bond Retirement .Fund to be applied in the payment of principal and interest of said note in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the note in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that it will no~ const:it~te arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescribed under that section. Tile fiscal officer or any other officer, including the Clerk, having responsibility with respect to the issuance of this note is authorized and directed to give an appropriate certi- ficate on behalf of the City, for inclusion in the transcript of proceedings, set- ting forth the facts, estimates and circumstances and reasonable expectations per- taining to said Section 103(d) and.regulations thereunder; Section' 7. Said note shall be the full general obligation of the City of Lakewood and the full fait. h, credit and revenue of said City were hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds aniticpated by said note any excess funds resulting from the issuance of said note shall, to tile extent necessary, be used only for the retirement of said note at maturity, together with the interest thereon, and is hereby pledged for. such service. Section 8. During the years while such note runs, 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 note. Said tax shall be and is hereby ordered computed, certified, levied and extended up.o~ the tax duplicate and col- lected by the same officers, in tl~e 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 tile full amount thereof. The funds derived from said tax levies hereby required 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 note or the bonds in anticipation of which it is 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 icl the issuing of said note in or- der to make it a legal~ valid and binding obligation 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 taxation, either st.atutory or constitutional, will ha~e been exceeded in the issuance of said notes. Section 10. The Clerk of Council is hereby directed to forward a certi- fied copy of this ordinance to the County Auditor. Section 11. It is found and determined that all formal actions of this Council concering and relating to the p~ssage of this ordinance were adopted in an open meeting of this Council, and that all del:[berat~ions of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with a.ll legal requirements including Section 121.22 of the Ohio Revised Code.