33-80 special assessments - property owners portion improve streets

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Section 2. That said bonds shall be dated approximately May t, 1981; shall bear interest at the estimated rate of ten and one-half per centum (10-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual~ installments after the issuance thereof. Section .3. That for the purpose of raising money in anticipation of ~e levy and collection of special assessments and of the issuance of the aforesaid bonds for the above described improvements, it is hereby de- clared necessary to issue and there shall be issued notes in the aggregate principal amount of $360,q00. Section 4. That said notes in the amount aforesaid shall be dated the date of their issuance, and shall mature one year from said date, with an option in the City to redeem such notes prior to maturity if sat/s- factory to the original purchaser or purchasers of such notes. Such notes shall bear interest at a rate or rates not to exceed ten and one-half per centum (10-1/2%) per annum, payable at maturity, with provision, if requested by the purchaser, that, in the event of default in the payment of the prin- cipal of such notes at maturity, the same shall bear interest at a rate or rates not exceeding ten.and one-half per centum (10-1/2%) per annum from the said maturity until the principal sum is paid. Said notes shall be issued in such number and denomination as are requested by the purchaser or purchasers. The rate or rates of interest to be borne by the notes until maturity and after maturity shall be fixed by the certificate of the Director of Finance of the City awarding the sale of the notes and speci- kying such rate or rates and the principal amount of the notes applicable to each rate. Section 5. Such notes shall be executed by the Mayor and Director of Finance and b%ar the seal of the corporation. They shall be payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, or at the-office of any purchaser thereof, and shall express upon their faces the purpose for which they are issued and that they are issued pur- suant 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 notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate or rates not exceeding the interest rate or rates specified in 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 purchasers upon payment of such purchase price. The proceeds of such sale, except any premium and accrued interest thereon, 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 and fog no other purpose. Any premium and accrued interest shall be trans- ferred to the bond retirement fund to be applied in the payment of the prin- cipal and interest of said notes in the manner provided by law. The City hereby covenants that it wkll 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 r.easonable expectations at the time of the delivery of and payment for such notes, so that said notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Section. The fiscal officer or any other officer, including the Clerk, 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