53-76 BAN - Construction & equip for off-street parking

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- 2- Director of Finance, and shall be dated as of Augus.t 27, '1976, and shall mature on August 26, 1977. The rate or rates of interest to be borne, by the notes until maturity and after maturity shall be fixed by tile certi- ficate of the Director of Finance of the City awarding the sale of the notes and specifying such rate or rates and the principal amount of the notes ap- plicable to eaCh rate. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve Funds of the United States of America at the office of ~he Director of Finance of th~,City, City Hall, Lakewood, Ohio, or at the principal office of a bank in CUyahoga County, Ohio designated by the purchaser thereof, 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 sold at the par value'thereof by the Director of Finance at private sale at an interest rate or rates not exceeding the interest rate or ~ates speci- fied in this ordinance and in accordance with the best interests a~d welfare of the City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed to the purchaser thereof upon payment of the purchase price. The proceeds of such sale, except any premium and accrued in- terest thereon, 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 and for no other purpose. Any premium and accrued interest shall be transferred to the bond retirement fund to be applied to the payment of the principal and interest of said notes in the manner provided by law. The City hereby covenants that it will restrict the use of the pro- ceeds 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 prescribed under that section. The fiscal officer or any Other officer, including the Clerk of Council, having re- sponsibility with respect to the issuance of these notes is authorized and di- rected to give an appropriate certificate on behalf of the City, .for inclusion in the transcript of proceedings, setting forth the facts, estimates and circum- stances and resonable expectations pertaining to said Section 103(d) and regula- tions 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 theextent necessary, be used only for the re- tirement 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 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 i~ preference to all'other ~tems and for the full amount thereof. The funds de- rived 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 th~ 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.