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-2- <br /> <br /> The City hereby covenants that it will restrict the use of the <br />proceeds of the notes in such manner and to such extent, if any, as may <br />be necessary, after taking into account reasonable expectations at the time <br />Of note issuance, so that they will not constitute arbitrage bonds under <br />Section 103[d) of the Internal Revenue Code and the regulations, prescribed <br />under that section. The Director of Finance as fiscal officer or any other <br />officer, including the Clerk of Council, having responsibility with respect <br />to the issuance of these notes is authorized and directed to give an appro- <br />priate certificate on behalf of the City, for inclusion in the transcript of <br />proceedings, setting forth the facts,, estimates and circumstances and reason- <br />able expectations pertaining, to said Section 103(d) and regulations thereunder. <br /> <br /> Section 7. Said notes shall be the full general obligations of <br />the City of Lakewood and the full faith, credit and revenue of said City <br />are~hereby pledged for the prompt payment of the same. The par value to <br />be received from the sale of the bonds anticipated by said notes and any <br />excess funds resulting fro~ the issuance of said notes shall, to the ex- <br />tent necessary, be used only for the retirement of said notes at maturity, <br />together with the interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such notes run, there shall <br />be levied on all the taxable property in the City of Lakewood, in addition <br />to all other taxes, a direct tax annually not less than that which would have <br />been levied if bonds had-been issued without the prior issue of such notes. <br />Sai~ tax shall be and is hereby ordered computed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers, in the <br />same manner and at the same time that taxes for general purposes of each of <br />said years are certified, extended and collected. Said tax shall be placed <br />before and in preference to all other items and for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund which, together with the interest collected on <br />the same shall be irrevocably pledged for the payment Of the principal and <br />interest of said notes or the bonds in anticipation of which they are issued <br />when and as the same falls due. ' <br /> <br /> Section 9. It is hereby determined and recited that all acts, <br /> conditions and things necessary to be done precedent to and in the issuing <br /> of said notes in order to make them legal, valid and binding obligations <br /> of the City of Lakewood, ~ave been done and performed in regular and due <br />~fdrm as r~quired by law; and that no limitation of indebtedness or taxation, <br /> either statutory or constitutional, will have been exceeded in the issuance <br /> of said notes. <br /> <br /> Section I0. The Clerk of Council is hereby directed to forward <br />a certified copy of this ordinance to the County Auditor. <br /> <br /> Section 11. It is found and determined that all formal actions of <br />this Council concerning and relating to the passage of this ordinance were <br />adopted in an open meeting of this Council, and that all such deliberations <br />of this Council and of any of its committees that resulted in such formal <br />action, were in meetings open to the city, in compliance with all legal re- <br />quirements including Section 121.22 of the Ohio Revised Code. <br /> <br />Approved: <br /> <br /> Section 12. That this ordinance, having been declared to be an <br />emergency measure, shall be in full force and effect from and immediately <br />after its passage and approval by the Mayor. <br /> <br /> l~-Presldent ~f ~uncll <br /> Clerk of Coun~ . <br /> <br /> Mayor <br /> <br /> <br />