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<br />, <br />I <br />1- <br /> <br />, <br /> <br />Director of Finance of the City, or at banks or trust comP1nies, as <br />determined by the Director of Finance, without deduction for exchange, <br />collection or service charges. <br /> <br />Section 4. That such notes shall be executed by the Mayor and <br />Director of Finance, provided that one of such signatures ~y be a <br />facsimile signature, and bear the seal of the corporation 9r a facsimile <br />thereof. The notes shall express upon their faces the purRose for which <br />they are issued and that they are issued pursuant to this drdinance. <br /> <br />Section 5. Subject to the rejection of said notJs by the <br />Director of Finance for investment. in the Bond Retirement Eund, said <br />notes shall be sold at the par value thereof by the Directdr of Finance <br />at private sale ~tan interest rate or rates not exceeding Ithat speci~ <br />fied in Section 30f this ordinance and in accordance witH the best <br />interests and welfare of the City; and the Director of Fi~ance is <br />hereby authorized and directed to deliver said notes,whenjexecuted, to <br />the original purchaser or purchasers thereof upon payment JOf the pur- <br />chase price. The proceeds of such sale shall be paid into the proper <br />fund and used for the purpose for which said notes are bei g issued <br />under the provisions of this ordinance. Any premium and adcrued inter- <br />est shall be transferred to the Bond Retirement Fund to be applied to <br />the payment of the principal of and interest on the notes ~n the manner <br />provided by law. ] <br /> <br />I <br />The City hereby covenants that it will restrict ~he use of the <br />proceeds of said notes in such manner and to such extent, f any, as may <br />be necessary, after taking into account reasonable expectaions at the <br />time of the delivery of and payment for said notes, so tha~ said notes <br />will not constitute arbitrage bonds under Section 103 (c) of! the Internal <br />Revenue Code and the applicable income tax regulations und~r that Sec- <br />tion. The fiscal officer or any other officer, including ~~e ,Clerk of <br />Council, having responsibility for issuing said notes is authorized and <br />direct~d, alone or in conjunction with any of theforegoin~ or with any <br />other offi~er, employee, or consultant of the City, togiv~ an appro- <br />priatecertificate of the City's reasonable expectations, Js of the date <br />of delivery of the notes, ,for inclusion in the transcript 01 If proceed-- <br />ings, which shall state (in brief and summary terms) the facts and esti- <br />mates on which the City's reasonable expectations as to fut~re events <br />are based and state that, to the best of the knowledge and elief of the <br />certifying officer, the City's expectations are reasonable. <br /> <br />Section 6. Said notes shall bè the full general bbligations <br />of the City of Lakewood and the full faith, credit and reve~ue of said <br />City are hereby pledged for the prompt payment of the same'l The par <br />value to be received from the sale of the bonds anticipated by said <br />notes and any excess funds resulting from the issuance of sFid notes <br />shall, to the extent necessary, be used only for the retirement of said <br />notes at maturity, together with the interest thereon, and [s hereby <br />pledged for such purpose. Il <br /> <br />Section 7. During the years while such notes are outstanding, <br />there shall be levied on all the taxable property in the Ci¡_y öf Lakewood, <br />in addition to all other taxes, a direct tax annually not less than that <br />which would have been levied if bonds had been issued withoht the prior <br />issue of such notes. Said tax shall be and is hereby order~d computed, <br />certified,levied and extended upon the tax duplicate and cbllected by <br />I <br /> <br />I <br />- 2 - i <br />