76-77 BAN - prepare site for off street parking

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Sectton 3. That it, is necessary and this: Council hereby determines that notes in the principal at,aunt of $595,000 shall be issued in anticipation of the issuance of said bonds and to pay and retire the above-mentioned note. Section 4. That such ant~c.i, pntory notes :in the amount afor~said shall bear inter~st payable at maturity at one or more rates not excecd;ing the maxi~num rate permitted by law, provided that such notes may bear one or .more different rates not exceeding the maximum rate per~nitted by law[ after , maturity and until the principal sum is paid; shall be in the denominations and numbered as the original purchaser or purchasers thereof request, shall be dated ~anuary 13, 1978 and shall mature one year from date, with an option in the City to redeem such notes prior to maturity if satisfactory to the original purchaser or purchasers of such notes. ~, 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 a~d 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 ~n Section & 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 p~ice. 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(cJ of the Internal Revenue Code as applicable to the 1978 tax year and the regulations pre- scribed under that section. The Director of Finance as fiscal officer or'any other officer, including the Clerk of Council, having responsibility with. re- spect to the issuance of t~ese notes is authorized and directed to give an ap- propriate 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 Section 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 ~e~eby pledged for the prompt pa~nnent of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess funds res¢lting 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 ~.~ithout the~prior issue of such totes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by t:he same officers, in the same manner and at the same t~Ime that taxes for general purpo,,;cs of each of. said years are cdrttfJ, ed, extended and col. lectcd. Said tax shall'be placed before and in preference to ail Other items and for the full amount thereof.