15-80 Consstruct indoor skating rink BAN

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- 2- E~ation 3. That it is necessary and this Council hereby determines that notes in the principai amount o{ $2,285,000 shall be issued in anticipation of the issuance of said bonds and to pay and retire the above-mentioned notes. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at the rate of seven and thirty-three one-hundredths per centum '(7.33%) per annum, payable at maturity, and thereafter'at the rate of ten and one-half per centum (10-1/2%) per annum, until the principal sum is paid; shall be in the denominations and numbered as the original purchaser thereof requests; shall be dated February 29, 1980 and shall mature on February 27, 1981, with an option in the City to redeem such notes prior to maturity if satisfactory to the original purchaser of such notes. Section 5. That such notes shall be executed by the }~yor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the principal office of Central National Bank of Cleveland, Cleveland, 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 Finance for investment in the Bond Retirement Fund, said n6tes shall be sold to Central National Bank of Cleveland, Cleveland, Ohio, at the par value thereof together with premium and accrued interest thereon; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to the original purchaser thereof upon payment of the pur- chase price. The p~oceeds 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 said notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations a% the time of the delivery of and paymenz for said notes, so that said notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Coda and the applicable income regulations under that Section. ~ne 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 ~vith any other officer, emplcyee, or consultant of the City, to give an appropriate certificate of the City~ for inclusion in the transcript of proceedings, setting forth the reasonable e:~ectations of the City regarding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the date of delivery and payment for said 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 notes and any ex£. cess funds resulting from the issuance of said notes shall, to the extent necessary, be used only for the retirement of said notes .at maturity, to- gether with the interest thereon, and .is hereby pledged for suzh purpose. Section 8. During the years while such notes ru~, 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 less than that which would have been levied if bonds had been issued without the prior i~sue of such notes. Said tax shall be and is hereby ordered computed, 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 purposes of each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. ~e funds derived from said tax levies hereby required shall be placed in a separate and distinct fund which, ~ogether with the interest cdllected on the same shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they are issued, when and as the same falls due.