61-77 BAN property owners assessment - improve certain streets

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Director of Finance printed or lithol~r:~,hed thereon. Said coupon bonds shall be payable in lawful money of the Un~ States of America at the office of the Director of Finance, City Hall, Lakewood, Ohio. Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all the taxable pro- perty in the City of Lakewood in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to 'provide funds to pay the interest upon said bonds as and when the same fall du~, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and s~nking fund tax required by Section 11 of Article XII of the Constitution of Ohio; pro- vided, howewer, that in each year to the extent that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessments so appropriated. Section 5. Said tax shall be and is hereby ordered, computed, certi- fied, levied and extended upon the tax duplicate and collected by the same of- ficers, in the same manner and at the same time that taxes for general purposes for 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 levy 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 principal and in- terest on said bonds when and as the same fall due. Section 6. Said bonds shall be first offered at par and accrued in- terest to the Director of Finance as officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of the bonds, except the premium, accrued interest thereon and capitalized interest, shall be used for the purpose aforesaid and for no other purpose and be allocated to the improvement herein described. The premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, in the manner pro- vided by law. The City hereby covenants that it will restrict the use of the pro- ceeds of the bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations ~t the time the debt is in- curred, so that they will not constitute arbitrage bonds under Sec-ion 103(c) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance, as fiscal officer of the City, or any other officer, including the Clerk of Council, h~ving responsibility with respect to the is- suance of such bonds is authorized and directed to give an appropriate certi- ficate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expecta- tions pertaining to the amount and use of the proceeds of such bonds pursuant to said Section 103(c) and regulations thereunder. Section 7. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. 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 dellbcrat[ons of this Council and of any of its committees that resulted in such formal actions, were in meetings open to the public, in compliance with ail legal requirements including Section 121.22 of the Ohio Revised Code.