15-79 BAN enclosure for Foster Pool

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Section 5. 1~lat such note,~ shall be executed by the }Layer and Director of Finance and bear th~ sent of tile corporation, lqzey shall be payable st the office of the Director of Finance, City Hall, Lakewood, Ohio, 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 rejection of said notes by the Director of Financ~ for investmemt in the Bond Reti. rement 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 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 price. Ihe 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. Ihe City hereby covenants that it wii1 restrict tbs use of the proceeds of said notes in such manner and to such extent, if ally, as may be necessary, after taking t. nto account reasonable expectations at the time of the delivery of and paym~.nt for s~td notes, so that said notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income regulations under that Section. The fiscal officer or any other officer, including the Clerk of Council, having responsibility for issuing said notes is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee. or consultant of the City, to giv~ an appropriate certificate of the City, for inclusion in the transcript of proceed.[ngs, setting forth tbs reasonable expectations of the .City re~arding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the data of delivery and payr~nt for said notes. Sect/on 7. Said notes shall be tile full general obligations of the City of Lakewood and tile fu].l faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. ll~e par value to be received from the sale of the bonds anticipated by said notes and any ex- cess funds resulting from the issuance of Said notes shall, to the extent necessary, be used only (or the retire~ent of said notes at maturity, to- gether with the interest thereon, and is hereby pledged for such purpose. Section 8. I)uring tile years whi].e 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 ].ess than that which would have been levied if bonds had been issued without the prior isa'se of such notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by tile same officers, in the sar~ n~nner and at the same time that taxes for general purposes of each of said years are certified, extended and collected. Said tax shall be placed before and in preference to ail other t. tema and for the full amount thereof, The funds derived from said tax levies, hereby requlred shall be placed in a separate and distinct fun.d which, together with the interest collected on tile same shall be irrevo~.ably pledged for the Payment of the principal and interest of said notes or tile boDds in anticipation of which they are issued, when and as tile same falls due. Section 9. It t.s tlereby determined and recited that all acta, conditions and things necessary to be done precedent to and in the issuing of said notes in order to make them legal, valid and binding obligations of the City of Lakewood, have been done and performed in regular and due form as required b.y law; and that no limitation of indebtedness or taxation, elther statutor-y or constitutional, will have been exceeded in the issuance of said notes.