76-76 BAN Construct storm & sanitary sewers

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lng the maximum rate permitted by lin?, p~ovidc'd that s~clt note. s may bear one or more different rates not exceeding ~l~e maxJnmm rata permitted bv law after maturity and nntil thc pr:.ncil)al sum is pa:id; slial] be in thc denominations and numbered as the original purchaser or purchasers thereof request, shall be dated January 7, 1977 a~d shall mature one year from date, with an option in the ~ity to redeem such notes prior to maturity if satisfactory to fhe original purchaser or purchasers of such notes. Section 5. That such notes shall be executed by the Hayer and Director of Finance and be~r the seal of the corporation. They shall be payable at the office of the Director of Finance, City Hall, l, al.,te~,.~ood, Ohio, and shall express ripen their faces the purpose, for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of ,';aid notes by the Director of Finance for invest:ment in the Bond Retirement Ftmd, sa~d notes shall be sold at the par value thereof by the Director of Finance at ail interest rate or rates not exceeding that specified in Section 6 of this ordinance and in accordance witt~ tim best interests and welfare of the City; and the Director Finance is hereby auth. orized and directed to deliver said note,~;, Mxen executed, to the original purchaser or purchasers thereof ~pon p~:~yment 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 :i. Jsued under the pt'ovisions of this ordinance.- The City hereby covenants that it will. restrict the u,'~:: oi the pro- ceeds of tile notes in such manner and to such extent, i£ any, as may be necessary, after taking into ~ccount reasonable expectations at the time of note issuance, so that they 'will not constitute arbetrage bonds under S,~,ction 103(c) of the Internal Revenue Code as applicable to the ].977 tax year and the reg. ulations pr~- scribed under that section. The Director of F:inan6e as .fiscal officer or any other officer, including the Clerk of Council, having responsibility with re- spect to the issuauce of the. se notes is authorized and directed to give an ap- propriate certificate on behalf of the City, for :i. nclus~on in the transcript of proceedings, setting forth tile facts,., est.imates and c:ircumstances and reasonable expectations pertaining to said Section 103(c) and regulations thereunder. Section 7. Said notes shall be the full general obligat.~ons of the City of I,akewood and the-full faith., credit and revenue of said City are h'creby pledged for the prompt payment of the same. T. he par value to be received from the sale of the bonds anticipated by said no,es and any excess funds resulting from the issuance of said notes shall, to the extent necessary, be used only for the r. etirement of said notes at maturity, together with tile interest thereon, and is hereby pledged for such purpose. Section 8, During the years while such notes run, tt~ere 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 ttmn 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 col].ecte.d by the same offic~-:rs, in the same manner and at the same t'ime that taXES for genera], purposes of each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items nnd for the full amouut thereof.