56-80 Construct 5th fl of parking garage - BAN

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-2- Section 5. 'That such notes shall be executed by the Mayor 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 office of the Director of Finance, City Hall, Lakewood, Ohio, or at the principal office of a bank in Cuyahoga County, Ohio, designated by the pur- chaser thereof, 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 notes shall be sold at the par value thereof by the Director of Finance at an interest rate or rates not exceeding that specified in Section 4 of 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 original purchaser or purchasers thereof upon payment of the purchase price. The proceeds 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 at.the time of the delivery of and payment for said notes, so that said notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income regulations under that Section. The 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'with a~y 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 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 such purpose. Section 8. During the years while such notes run, 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 issue of such notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicateand 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. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund which, together with the interest collected 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. Section 9. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said notes imorder to make them legal, valid and binding obligations of the City of LakeWood, have been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said notes. Section 10. The Clerk of Council is' hereby directed to forward a certified copy of this ordinance to the County Auditor.