11-76 BAN -Construct & equip outdoor ice rink

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-2- shall be sold at the par value thereof by the Director of Finance at an interest rate or rates not exceeding that specified in Section 4 of this ordinance and in accordance with the best interest and welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the original purchaser or purchasers thereof 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 provisions of this ordinance. The City hereby covenants tha% 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 ~he Clerk, having responsiblity 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 full 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 ex- tent necessary, be used only for the retirement of said notes at maturity, together with the interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes run, there shall be levimd on all the taxable property in the City of Lak~ood, 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 issu- ing of said notes in order to make them legal, valid and binding obliga- tions-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 statutory or constitutional, will have been exceeded in the issuance of said notes. Section 10. It is hereby determined and recited that all for- mal actions of this Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that re- sulted in such formal action, were in meetings open to the p~lic, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 1].. The Clerk of Council Is hereby directed to forward a certified copy of this ordinance to the County Auditor.