68-78 BAN - construct 5th fl & ped bridge on parking garage

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~~..-"..~. ""O_~~~._ , ~' Se\.. A 4. That. ouch anticipatory notes in the amou:;òrcsaicl shall bear intércst I)~Yi1blc at maturity at aIle or more rates not cxc~èQ1ng ,the m<Jxi- mum ratc¡>ermitted by law, provided,that such notes..may beaT one or mOTe dif- 'ferent rates not exceeding the maximum rate permitted b-y 1m.)' after maturity and until the principal sÜm 1s paid. Such notc~¡ shall be dat,?d us of August 25, 1978 Clnd shall mature one year from said date, with' an option in the City to redeem Duch notes prior to maturity if Batisfactory to the oÜginal purchase'r or pur- chasers of said notes. Such notes shall be issued in such number and in such dcnominations as the purchaser or purchasers thereof request. The rate or rates of interest to be borne by the notes until maturity and after maturity shall be fixed by the certificate of the Director of Finance of. the City m"'<:Irding the sale of the notes and specifying such rate or rates <:Ind the principal amount of the notes applicable to each rate. Section S. That s~ch notes shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. They shall bé p_ayable in Federal Reserve Funds of the United States of America at the office of the ,Director of Finance of the City, City Hall, Lakewood, Ohio. or at the principal office of a bank in Cuyahoga County. Ohio designated by the purchaser thereof. and shall ex- press upon their face the purpose for which they Rre 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 interescs and welfare of 'the City; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the origïnal purchaser or purchasers thereof upon payment of the purchase price. The proceeds of such sale shall~e paid into the proper fund and used ~or 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 óf 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 l03(c) of the Internal Revenue Code and ther~~ulations prescribed under that section. The Director of Finance as fiscal officer or any other officer, including the Clerk of Council, having responsibility with respect,to thE issuance of these notes is authorized and directed to give an appropriate certificate on bèhalf of the City. for incl~ßion in the transcript of proceedings. setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Sec- tion l03(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 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. Durirtg the years while suth 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 -ff bonds h·ad been issued without the prior issue of such notes. Said tax thall be and is hereby ordered computed. certified, 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 of each Df ~afd years arc certified. extended and collected. Said tax shall he plaçed 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 d-istinct fund ~,"hich. together with the intcrest collected 011 the Same shall be irrevoc-ably pleJ~cd for the payment of the principal and.interest of B<iid notes or the bonds in anticipation of which they are issued. when and 88 the samefnllsdue.