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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. Such notes shall be dated as <br />of November 2, 1979 and shall mature on October 31, 1980, with an option in <br />the City to redeem such notes prior to maturity if satisfactory to the origi- <br />nal purchaser of the notes. Such notes shall be issued in such number and de- <br />nomination as the purchaser or purchasers thereof request. The rate or rates <br />of interest to be borne by the notes until maturity and after maturity shall <br />be fixed by the certificate of the Director of Finance of the City awarding <br />the sale of the notes and specifYing such rate or rates and the principal <br />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 at the office of the Director of Finance, City Hall, Lakewood, Ohio, <br />or at the principal office of a bank in Cuyahoga County, Ohio designated by <br />the purchaser thereof,.and shall express upon their faces the purpose for <br />which they are issued 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 Internal 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 issuing 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 the 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 anticii~ated by said notes and any ex- <br />cess funds resulting from the issuance of said notes shall, to the extent <br />necessary, be used only for the retirement of said notes at maturity, to- <br />gether with the interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 8. During the years while such notes run, there shall be <br />levied on all the taxable property in the City of Lakewood, in addition to <br />all other taxes, a direct tax annually not less than that which would have <br />been levied if bonds had been issued without the prior issue of such notes. <br />Said tax shall be and is hereby ordered computed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers, in the <br />same manner and at the same time that taxes for general purposes of each of <br />said years are certified, extended and collected. Sa%d tax shall be placed <br /> <br /> <br />