05-77 BAN - enclosure at Foster Pool

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Finance is hereby authorized and directed to deliver s;lJ.d notes, when executed, to the.original p~lrchaser or purch;~ser.s thereof upon p;.~yment of the purcha.~e price. The proceeds of such sale shall be paid into tho 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- 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(c) 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 authorized and directed to give an appropriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Sec- tion 103(c) 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 received 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 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 of each of said years are certified~ extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived 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 the payment of the principal and interest of said notes or the bonds in anticipatio~ of which 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, valid and binding obligations of the City of Lakewood, have been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said notes. Section 10. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with ali legal requirements including Section 121.22 of the Ohio Revised Code.