42-78 Bonds - clearing bldgs for off street parking

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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 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 all 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 tl, Article XII, of the Ohio Con- stitution. 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 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 ~onds when and as the same fall due. Section 7. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in and for the issuing of such bonds in order to make them legal, valid and binding obligations of this City, have been performed in regular and due form as required by law; that the full faith, credit and revenue of this City shall be and are hereby ir- re'~cably pleged for the prompt payment of the principal and interest there- of at maturity; and that no limitation of indebtedness of taxation, either statutory or constitutional, will be exceeded in issuing such bonds. Section 8. The Director of Finance is hereby authorized and di- rected to publish the notice of sale of these bonds in t'e manner required by Section 133.36, Ohio Revised Code, and also to publish a notice of sale one time in the Daily Bond Buyer. The Director of Finance is also authorized and directed to secure a rating for these bonds from Moody's Investors Service, Inc. and if he deems it advisable also from Standard & Poor's Cor- poration. Section 9. The Official Statement of this City relating to the original issuance of the bonds substantially in the form now on file with the Clerk of Council is hereby approved a~nd the Mayor and the Director of Finance are each hereby authorized and directed to complete and execute, on behalf of the City and in their official capacities, such Official Statement, with such modifications, changes and supplements as are necessary or desirable for the purposes thereof as such officers shall approve. Such officers are authorized to use and distribute, or authorize the use and distribution of, the Official Statement and any supplements thereto as so executed in connection with the' original issuance of the bonds, and are each authorized and directed to advise the Original purchaser or purchasers of the bonds in writing regard- ing limitations on the use of the Official Statement and any supplements thereto for purposes of marketing or reoffering such bonds as necessary or appropriate to protect the interests of the City. The Mayor, Director of Finance and Clerk of~Council are each authorized to execute and deliver, on behalf of this City and in their official capacities, such certificates in connection with accuracy of the Official Statement and any supplements thereto as may, in their judgment, be necessary or appropriate.