94-78 BAN - construct Clifton Blvd Fire Station

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Section 4. That such anticipatory notes in the amount afore- said shall bear interest payable at maturity at one or more rates not exceeding the maximum rate permitted by law, provided that such notes may bear one or more different rates not exceeding the maximum rate permitted by law after maturity and until the principal sum is pa~d. Such notes shall be dated as of November 3, 1978 and shall mature on or before November 2, 1979, with an option in the City to redeem such notes prior to maturity if satisfactory to the original purchaser of the notes. Such notes shall be issued in such number and denomination 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 cer. tifi- cate of the Director of Finance of the City awarding the sale of the notes and specifying such rate or rates and the principal amount of the notes applicable to each rate. Section 5. That such notes shall be executed by the Mayor and Director of Finance and bear the seal of the corpora£ion. They shall be payable at the office of tile Director of Finance, City Hall, Lakewood, Ohio, or at the principal office of a bank i~ Cuyahoga County, Ohio designated by the purchaser thereof, 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 rejedtion o.f said notes by the Direc- tor of Finance for investment in the Bond Retirement Eund, 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 accordmnce 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 purchaser~.thereof upon payment of the purchase price. 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 proceeds 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 the delivery of and payment for such notes, so that the notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the appli'cable income tax regulations under that Section. The fiscal officer or any other officer, .including tile Clerk of Council, having responsibility for issuing the notes is authorized and directed, alone or in conjunction wit-h any of-the foregoing or with any other officer, employee, or co~sultant of the City, to give an appropriate certificate of th~ City, for inclusion in the transcript of proceedings, setting forth the reasonable exPectations of the City regarding tile amount and use of all such proceeds and the facts a~'~d estimates on which they. are based, all as of the date of delivery and payment for such notes. 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 no.tes 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 t~e interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes run, there shal~! 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 without the prior issue of such notes. Said tax shall be and is hereby ordered comput.ed, 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