59-80 Property owner's portion - streets - BAN

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purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in p~eference to all other items and for the full amount thereof. The funds derived from said tax levy hereby re- quired 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 principal and interest on said bonds when and as the same fall due. Section 6. Said bonds shall be first offered at par and accrued interest to the Director of Finance as officer in charge of the Bond Retire- ment Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of the bonds, except the premium, accrued interest thereon and capital- ized interest, shall be used for the purpose aforesaid and for no other purpose and he allocated to the improvement herein described. The premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, in the manner provided by law. 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 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 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. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. It is hereby found and determined that all formal ac- tions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal actions were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 9. That this ordinance, having been declared to be an emergency measure, shall be in full force and effect from and immediately after its passage and approval by the Mayor.