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the Director of Finance of tile City of Lakewood, City Itall, Lakewood, Ohio and shall
<br />express upon their faces the purpose for which they are issued and that they are
<br />issued pursuant to this ordinance.
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<br /> Section 6. Said notes shall be first offered to the Director of Finance
<br />'a's officer in charge of the Bond Retirement Fund, and if not taken by said fund
<br /> shall be and hereby is awarded and sold to National City Bank, Cleveland, Ohio, at
<br /> the interest rate specified in this ordinance and in accordance with its offer to
<br /> purchase; and tile Director of- Finance is hereby authorized and directed to deliver
<br /> said notes, when executed, to said purchaser upon payment of such purchase price.
<br /> The proceeds from such notes, except any premium and accrued interest thereon, shall
<br /> be paid into the proper fund and used for tile purpose aferesaid and for no other pur-
<br /> pose. Any premium and accrued interest shall be transferred to the Bond Retirement'
<br /> Fund to be applied in tile payment of principal and interes't o'f said notes in the
<br /> manner provided by law,
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<br /> The City hereby covenants that it will restrict tile use of proceeds of
<br />tile notes in such manner and to such extent, if any, as may be necessary, after
<br />taking into account reasonable expectations at tile time the debt is incurred, so
<br />that they will not constitute arbitrage bonds under Section 103(d) of the Internal
<br />Revenue Code and the regulations prescri.bed under that section. The fiscal officer
<br />or any-other officer, including the Clerk, ]laving responsibility with respect to
<br />the issuance of these notes is authorized and directed to give an appropriate
<br />certificate on behal'f of the City, for inclnsion in tile transcript of proceedings,
<br />setting forth the facts, estimates and circumstances and reasonable expectations
<br />pertaining to said Section 103(d) and regulations thereunder.
<br />
<br /> Section 7. Said notes shall be the full general obligations of tile City
<br />of Lakewood and the full faith, credit and revenue of said City are hereby pledged
<br />for the prompt payment of the same. The par value to be received from tile sale of
<br />the bonds anticipated by said notes and any excess funds resulting from the issuance
<br />of said notes shall, to tile extent necessary, be t, sed only for tile retirement of
<br />said notes at maturity, together with the interest thereon, and is hereby pledged
<br />for such pupose.
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<br /> Section 8. During the year or years while such notes run, there shall
<br />be levied on all tile taxable property in tile City of Lakewood, in addition to all
<br />other taxes, a direct tax annually not ].ess tl~an that which wonld have been levied
<br />if bonds had been issued without the prior issue of such notes. Said tax shall
<br />be and is hereby ordered computed, certified, levied and extended upon the tax
<br />duplicate and collected by the same officers, in the same manner and at the same
<br />time that taxes for general purposes for each of said years are certified, ex-
<br />tended and collected. Said tax shall be placed before and in preference to all
<br />other items and for tile full amount thereof, l'he funds derived from said tax
<br />levies hereby required shall be placed in a separate and distinct fund which, to-
<br />gether with the interest collected on the same, shall be irreovcably pledged for
<br />the payment of the principal and interest of said notes or tile bonds in anticipation
<br />of which they are issued, when and as .the same falls due.
<br />
<br /> Section 9. It is hereby determined and recited that all acts, con-
<br />ditions and things necessary to be done precedent to and in tile issuing of said
<br />notes in order to make them legal, valid ai~d binding obligations of tile City of
<br />Lakewood, have been done and performed in regular and due form as required by
<br />law; and that no limitation of indebtedness or taxatiou, either statutory or
<br />constitutional, will have been exceeded in the issuance of said notes.
<br />
<br /> Section 10. Tile Clerk of Council is hereby directed to forward a certi-
<br />fied copy of this ordinance to tile County Auditor.
<br />
<br /> Section 11. It is found and determined that all formal, actions of this
<br />Council concerning .and relating to the passage of ti.tis ordinance were adopted in
<br />an open meeting of this Council, and that all deliberations of this Council and
<br />of any of its committees that resulted in suhh formal action, were in meetings
<br />open to the public, in compli, ance with all legal requirements including Section
<br />121.22 of tile Ohio Revised Code.
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