39-77 BAN - construct off street parking

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- 2- Section 4. That such anticipatory notes im 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 after maturity and until the principal sum is paid. Such notes shall be dated as of August 26, 1977 and shall mature one year from said date, with an option in the City to redeem such notes prior to maturity if satisfactory to the original purchaser or pur- chasers of said notes. Such notes shall be issued in such number and in such denominations as the purchaser or purchasers thereof request. The rate or rates of interest to be borne by the notes until maturity and after maturity shall be fixed by the certificate of the Director of Finance of the City awarding the sale of the notes and specifying such rate or rates and the principal amount of the notes applicable to each rate. Section 5. That such notes shall be executed by the Mayor and Di~ rector of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve Funds of the United States of America at the office of the Director of Finance of the City, City Hall, Lakewood, Ohio, or at the principal office of a bank in Cuyahoga County, Ohio designated by the purchaser thereof, and shall express upon their face 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 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 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 aBtictpated 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 collectgd. 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 anticipation of which they are issued, when 'and as the same falls due.