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Section d. TI)at suc:.]l ~t)~ticipa£ory t]ot,.:.~; Jn ~:be ~n)~ounu aforesa-[d
<br /> shall bear int~res[: payabj, e ~.]t matur:[.~y ;~: oue o)' ~ore ra(:e~; )lot exceeding
<br /> the maximum rate permitted by law, provid?d th~. ~;uch no[:cs may bear one or
<br /> more differen~ ra~es not exceeding tile ma]ximum ~a~:~ J)~r~;{~ti;~d ~y law after
<br /> maturity and until the principal sum ts paid; shall be fn the denominations
<br /> .and numbered as the original pnrchaser or purchasers thereof request, shall
<br /> be dated January la, 1977 and shaJ. j. mature one year from date, ~¢lt'h an option
<br /> in the City to redeem such notes prior to maturity ~f satisfPctory to the
<br /> original purchaser 9r purchasers of such notes.
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<br /> SuCtion 5. That such notes shall be executed by the bIayor and
<br /> Director of F~nance and bear the seal of the corporatt, on. Tl'~ey shall be
<br /> payable at the offize of the Direct.or of Finance, City I/at1, Lakm¢ood, Ohio,
<br /> and shall express upon their faces the purpose for which they are issued
<br /> and that they are issued pursuant to this ordinance.
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<br /> SeCtion 6. Subject to the re.'e.ction o.f s,nid not:es by the Director
<br /> of Finance for investment in the Bond Retirement Fund, ~;aid notes shall be
<br /> sold at tht~ par value thereof by the D~recto.r of Finance at an interest rate
<br /> or rates no,: exceeding that specified in Section 6 of this ordinance and ~t2
<br /> accordance with the best interests and ~eelfa're of the CiLy; and the D/rector
<br /> Finance is hereby authorized and directed to deJ:iver said notes, when executed,
<br /> to the original purchaser or purchasers thereof upon payment of the purchase
<br /> price. The proceeds of such sale shalI be [.)aid ii, to the proper Et,nd and used
<br /> thisf°r theordinance.purt~ose for M~ch sa~d notes are be~nf~ iss~ed unclear thc~ provisions of
<br /> The City hereby covenants that it will. restrict the
<br /> ceeds of the -.~ .. .
<br /> after' taking ?;~:~s ~, such ma,met and to s,,,-, ...... - . ' ~ use of the pro-
<br /> ..... account reasonabJe ..... j~'~.,.=~t, ent, :~f any, as may be necessary,
<br /> so that they wiJ3 · ~ - c~peccaczons at .... of note issuance,
<br /> . not const~t~te arbi~rape k~ , . the tzme
<br /> Internal Revenue. Code as applicable to the~' 1977oun(~StaxUnderyearSectiOnand tb~103 (C)regulationsOf the pre-
<br /> scribed undt~r that sect/on. The Director of F:inance as fisca] officer or any
<br /> other officer, including the Cierk of Council, having responsibility ~dith re-
<br /> Spect to the iSSuance of these no'res is authorized and directed to give an ap-
<br /> propriate certificate on behalf of t'he City, for inclusion in tl~e transcript of
<br /> proceedings, settin[~ forth the facts, esti. mates and circun~st~nces and reasonable
<br /> expectations pertaining to said Section 103(c) and regulations thereunder.
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<br /> Section 7. ·
<br /> Said notes she.12 be the full 1~ener~l obligations of the
<br /> City of Lake~eood and the full faith, credit and revenue of said City are hereby
<br /> pledged .for the prompt Payment of the stone. The par value to be received .from
<br /> the sale of the bonds anticipated by said notes an~t any ezcess funds resulting
<br /> from the issuance of said notes shalJ, to the extent necessary, be u-sed only for
<br /> the retirement of said nOtes at maturity, together w/th the interest the~'eon,
<br /> and is hereby pledged for such purpose.
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<br /> Section 8. DUring the years while such notes run, there shall be
<br /> levied on all the taxab!e property in thc C~ty of Latcewood, in addition, to
<br />ali other taxes, $ direct tax annually not less than that ~¢hicl~ x,'ould have
<br />been levied if 'bonds had bean issued without the prior issue of such not,es.
<br />Said tax shaI1 be and is hereby ordered compu~:ed, certified, levied and
<br />extended upon the tax duplicate and collected by the same offict~rs, in the
<br />same manner and at the same time that taxes for genera3 purposes of each of
<br />s~icl years ar~ certified, extended and collected. Said t.2~: shatfh be placed
<br />before and in preference ~:o sll other items and for the full. amount thereof.
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