26-77 BAN - Air pollution control equip for incinerator

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Section 3. That it is necessary and this Council hereby determines that notes in the principal amount of $68~9,000 shall be issued in anticipation of the issuance of said bonds and to pay and retire the above-mentioned out- standing note. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest payable at maturity at one or more rates not exceeding the maxi- mum rate permitted by law, provided that such notes may bear one or more dif- ferent rates not exceeding the maximum rate permitted by law a'ter matu~'Lty and until the principal sum is paid. Such notes shall be dated as of June 24, 1977 and shall mature on or before one year from said date. Such notes shall be is- sued in such number and denomination as the purchas~rs thereof request. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be pa~'able at the office of the Director of Finance, City Hall, Lakewood, Ohio, 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 Dire'alit of Finance at an interest'rate or rates not exceeding that specified in Section 4 of this ordinance and in accordance with the best interests and welfare of the City; and the Director of 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 such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued u~'ter 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 ~ ~ch extent, if an3., 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 th~ Clerk of Council, having responsibility with respect to the issuance of these notes is authorized and directed to give an appropriate c~rtificate on behalf of the City,.for inclusion in the transcript of proceed'ings, 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 xecess~ry, be used only for the retirement of said notes at maturity, tog6~her with the interest there~n, 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 Jf 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 fo/~ 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 C~llected on the ..same shall be irrevocably pledged for'the payment of the principal and interest of sakd notes or the bonds in anticipation of which they are issued, when and as the same falls due.