77-76 BAN - Construct indoor ice rink

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Section 5. 'fhat ~ucl~ note:~ ;~ball be executed by thc ~.lavor- and Director of Finance ~nd bear the sca] of tl~e co[~orat]~n, q?l~ey ?,l~all be payable at t}~e office of the D:frector of Finance, City tlal]., Lake~,~ood, O}tio, and shall express upon 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 said notes by the Director 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 an interest rate or rates not exceeding t:hat specified ~n Section 4 of this ordinance and in accordance with the best interests and. ~e].fare of the City; ,nnd the Director 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 sucl~ 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 that it will restrict the use of the pro- coeds of t~'~e notes in such manner and to such extent, if any, as mav be necessary, after taking into account reasonable expectations at the time of note issuance, so that tI~ey will not constitute arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance as fiscal officer or any other officer, including the Clerk of Council, having responsibility with respect to the issuance of these notes is aut]~orized and directe~.~ to give an appropriate certificate on bcl~alf of the City, for inclusion f.n thc transcript of proceedin~tr;, setting forth tl~e facts, estimates and circumstances and reasonable expectations pertaining to sa:id Section 103(d) and regulations thereunder. Section 7. Said notes shall'be the full general obligations 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 rece.~ved from the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes shall; to the extent necessary, be used only for the retirement of said notes at matur.ity, together witl~ the interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes run, there shall be levied on al!. the taxable property in the City of Lakewood, in addition to al!. other tax~s, a direct tax annual, ly not less than that which %could have been levied if bonds had beet~ issued without the prior i:~sue of such nozes. 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 generai purposes of each of said years are certified, extended and collected. S~.~id tax shall be placed before and in preference to all other items and for the full amount tf~ereof. The funds derived from said tax levies hereby required shall be placed ~n a separate and distinct fund which, together with the interest collected on the same shall be irrevocably pledged for tl~e payment of the principal and interest of said notes or the bonds in antf. cipation of w~'tlc~] 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 issuing of said notes in order to make them legal, va].id and binding obligations of the' City of Lakewood, have been done and perfot'med in re~tular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or con'stitutional', will have been exceeded in the issuance of said notes.