40-78 Bonds for air pollution control equip for incinerator

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$40,000 on December 1 in each of the years 1979 to 1998, both inclusive which said maturities are hereby determined to be in substantially equal annual installments. Section 2. Said bonds shall be signed by the Mayor and Director of Finance of said City, provided that one of such signatures may be a facsimile signature; and shall be sealed with the corporate seal of the City or a facsimile thereof. Interest coupons attached to said bonds shall bear the facsimile signature of the DireCtor of Finance printed or lithographed thereon. They shall ~designated "Air Pollution Equipment Bonds" and shall be payable at the principal office of the legal depositary of the City presently The Cleveland Trust Company,'Cleveiand, Ohio, without deduction for its services as the issuer's paying agent, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 4. Said bonds shall be first offered at par and accrued interest to the Director of Finance asofficer in charge of the Bond Retirement Fund, and if the Director of Finance 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 such bonds, except the premium and accrued interest thereof, shall be used for the purpose for which such bonds are issued and for no other purpose; 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 such bonds in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at'the time the debt is incurred, 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 of the City, or any other officer, including the Clerk of Council, having responsibility with respect to the issuance of such bonds is authorized and directed to give an appropriate certificate on behalf of the City, for inclusion in the tr?nscript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to the amount and use of the proceeds of such bonds pursuant to said Section 103(c) and regulations thereunder. The Clerk of Council shall furnish to the purchaser of the bonds a true transcript of proceedings, certified by her, of al. 1 proceedings had with reference to the issuance of the bonds along with such other informa- tion as is necessary or proper with respect to said bonds. Section 5. 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 such serial bonds at maturity, there shall be and is hereby levied on all the taxable property in the City of Lakewood, in addition to all other taxes~ a direct tax annually during the period such bonds are to'run in an amount sufficient to provide funds to pay the interest upon such bonds as and when the same falls due and also to provide a fund for the discharge of the principal of such serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11, Article XII, of the Ohio Con- sti~u~ion. Section 6. Said tax shall be and is hereby ordered computed, cer- tified, 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 for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to ail 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 bonds when and as the same fall due.