74-77 BAN - construct indoor ice rink

Home Browse Search

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 payable 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 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', t~ the original purchaser or purchasers thereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund-an~ 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 tile 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 I03(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 ~lerk 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 f~om 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 th~reon~ 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 i£ bonds had been issued without the prior_ issue of such notes. Said tax shall be and is hereby ordered computed, certified,- levied an~~ extended upon the tax duplicate and collected by the sam~ 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 o~ the principal and interest of said notes~or the bonds in anticipation of which they are issued, when and as the same falls due. -Section 9. It i~ 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, hsve been done and perfo.~d in regular and due form as required by law; and that no limitation of indebteduess or taxation, either statutory or constitutional, will have been exceeded in the issuance of said notes.