16-79 BAN - indoor ice rink - Laserfiche WebLink

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- ? - Section 1. 'l'hat tt is her~'!,v declared necessary to issv~ bonds of the City of l.,okewood tn the prtncip~,l amount of $2,285,000 for tho purpose of constructing and equipping a.new indoor ice-skating rink, acquiring foal estate and ~nterests therein a~. a part of the site thoreof and construct- lng a parking lot and otherwise, imptoving the site. Section 2. That said bond8 sholl be dated approximately Harch 1, 1980, shall bear interest at the estimated rate of seven per centum (7%) per annum payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially equal annual installments after their issuance. S~ction 3. ~hat it is necessary and thls Council hereby determines that not~s in the principal amount of $2,285,000 shall be issued in anticipation of th~ issuanc~ of said bonds and ~o pay and. retir~ the above-mentioned notes. Section 4. ~]~at such 'anticlpatory notes in the amount aforesaid shall bear interest payable at maturity at one or mor~ 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 paid; shall be in the denominations and numbered as the original purchaser or purchasers thereof request, shall be dated March 2, 1.979 and shall mature one year from date, with an option in the City to redeem such notes prior to maturity if satis- factory to th~ original purchaser or purchasers of such notes. Section 5. That such notes shall b~ executed by the Mayor and Director of Finance and bear the seal of the corporation. ~hey shall be' payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, and shall express upon tho~.lr faces the purpose for which they are issued and that they ar~ issued pursuant to this ordinance. Section 6. Subject to the rejection o'f 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 ~he Director of Finance at an interest rate or rates not exceedJ'ng ~hat specified in Section 4 of this ordinance and in accordance with the best interests and welfare of the City; and the D~rector of Finance is hereby authorized and directed to deliver said no~es, when executed, to the original purchassr or purcha's~rs thereof upon payment of the purchase price. %he proceeds of such sale shall be paid into the proper fund and used for tlle purpose for which said notes are being issued under th~ provisions of this ordinance. The City hereby covenants that it will restrict the use of the proceeds of said notes in such manner and to such extent, if any, a.s may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for sald notes, so that said notes will not constitute arbitrage bonds undo~r Section 103(c) of the Internal R~venue Code and the applicable income regulations under that Section. ~Ihe 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 sr.'the foregoing or with any other officer, employee, or consultant of the City, to give an appropriate certificate of the City, for inclusion in the transcript of proceedings, setting forth the reasonable expectations of the City regarding the amount and use o.f all such proceeds and th~ facts and estimates on wh.fch they ar~ based, all as of th~ date of d~livery and payment for said notes. Sectlon 7. Said notes shall be the full general obltgatlons of the City of Lakewood and the full faith, credit .and revenue of said Citv are hereby pledged for the pror,~.pt payment of the same. The par value to be received from the sale of the bonds anticipated by sald notes and any ex- cess funds resulting from the tss~ance of 8aid notes shall, to the extent necessary, be used only for the retlrement of said notes at maturity, to- gether with the interest thereon, and is hereby pledged for such purpose.