Laserfiche WebLink
- 2 - <br /> <br /> Section 2. l%at said bonds shall be dated approximately August 1, <br />1980, shall bear interest at tile estimated rate of seven per centum (7%) per <br />annum, payable semi-annually, until the principal sum is paid, and shall mature <br />in twenty-five substantially equal annual installments after their issuance. <br /> <br /> Section 3. That it is necessary and this Council hereby determines <br />that notes in the principal amount of $1,000,000 shall be issued in anticipation <br />of the issuance of said bonds and to pay and retire the above-mentioned notes. <br /> <br /> Section 4. That such anticipatory notes in the amount aforesaid <br />shall bear interest payable at maturity at one or more rates not exceeding <br />the maximum rate permitted by law, provided that such notes may bear one or <br />more different rates not exceeding the maximum rate permitted by law after <br />maturity and until the principal sum is paid; shall be in the denominations <br />and numbered as the original purchaser or purchasers thereof request, shall <br />be dated August 24, 1979 and shall mature one year from date, with an option <br />in the City to redeem such notes prior to maturity if satisfactory to the <br />original purchaser or purchasers of such notes. Such notes shall be issued <br />in such number and in such denominations as the purchaser or purchasers thereof <br />request. The rate or rates of interest to be borne by the notes until maturity <br />and after maturity shall be fixed by the certificate of the Director of Finance <br />of the City awarding the same of the notes and specifying such rate or rates <br />and the principal amount of the notes applicable to each rate. <br /> <br /> Section 5. That such notes shall be executed by the Mayor and <br />Director of Finance and bear the seal~ of the corporation. They shall be <br />payable in Federal Reserve Funds of the United States of America at the office <br />of the Director of Finance, City Hall, Lakewood, Ohio, or at the principal <br />office of a bank in Cuyahoga County, Ohio, designated by the purchaser thereof, <br />and shall express upon their faces the purpose for which they are issued <br />and that they are issued pursuant to this ordinance. <br /> <br /> Section 6. Subject to the rejection of said notes by the Director <br />of Finance for investment in the Bond Retirement Fund, said notes shall be <br />sold at the par value thereof by the Director of Finance at an interest <br />rate or rates not exceeding that specified in Section 4 of this ordinance <br />and in accordance with the best interests and welfare of the City; and the <br />Director of Finance is hereby authorized and directed to deliver said notes, <br />when executed, to the original purchaser or purchasers thereof upon payment <br />of the purchase price. The proceeds of such sale shall be paid into the <br />proper fund and used for the purpose for which said notes are being issued <br />under the provisions of this ordinance. <br /> <br /> The City hereby covenants that it will restrict the use of the <br />proceeds of said notes in such manner and to such extent, if any, as may be <br />necessary, after taking into account reasonable expectations at the time <br />of the delivery of and payment for said notes, so that said notes will not <br />constitute arbitrage bonds under Section 103(c) of the ~nternal Revenue <br />Code and the applicable income regulations under that Section. The fiscal <br />officer or any other officer, including the Clerk of Council, having <br />responsibility for is.suing said notes is authorized and directed, alone or <br />in conjunction with any of the foregoing or with any other officer, employee,~ <br />or consultant of the City, to give an appropriate certificate of the City, <br />for inclusion in the transcript of proceedings, setting forth th~ reasonable <br />expectations of the City regarding the amount and' use of all such proceeds <br />and.the facts and estimates on which they are based, all as of the date of <br />delivery and payment for said notes. <br /> <br /> Section 7. Said notes shall be the full general obligations of <br />the City of Lakewood and the full faith, credit and revenue of said City <br />are hereby pledged for the prompt payment of the same. The par value to be <br />received from the sale of the bonds anticipated by said notes and any ex- <br />cess funds resulting from the issuance of said notes shall, to tile extent <br /> <br /> <br />