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to the original purchaser or purchasers of such notes. Such notes shall <br />bear interest at a rate or rates not to exceed ten and one-half per centum <br />(10-1/2%) per annum, payable at maturity, with provision, if requested by <br />the purchaser, that, in the event of default in the payment of the principal <br />of such notes at maturity, the same shall bear interest at a rate or rates <br />not exceeding ten and one-half per centum (10-1/2%) per annum from the said <br />maturity until the principal sum is paid. Said notes shall be issued in such <br />n,xmher and denomination as are requested by the purchaser or purchasers. The <br />rate or rates of interest to be borne by the notes until maturity and after <br />maturity shall be fixed by the certificate of the Director of Finance of the <br />City awarding the sale of the notes and specifying such rate or rates and <br />the principal amount of the notes applicable to each rate. <br /> <br /> Section 5. Such notes shall be executed by the Mayor and Director <br />of Finance and bear the seal of the corporation. They shall be payable at <br />the office of the Director of Finance, City Hall, Lakewood, Ohio, or at the <br />office of any purchaser thereof, and shall express upon their faces the pur- <br />pose for which they are issued and that they are issued pursuant to this <br />ordinance. <br /> <br /> Section 6. Subject to the rejection of said notes by the Director <br />of Finance for investment in the bond retirement fund, said notes shall be <br />sold at the par value thereof by the Director of Finance at private sale at <br />an interest rate or rates not exceeding the interest rate or rates specified <br />in this ordinance and in accordance with the best interests and welfare of <br />the City;and the Director of Finance is hereby authorized and directed to <br />deliver said notes, when executed, to the purchasers upon payment of such <br />purchase price. The proceeds of such sale, except any premium and accrued <br />interest thereon, shall be paid into the proper fund and used for the purpose <br />for which said notes are being issued under the provisions of this ordinance <br />and for no other purpose. Any pr-m~umand accrued interest shall be trans- <br />ferred to the bond retirement fund to be applied in the payment of the prin- <br />cipal amd interest of said notes in the manner provided by law. <br /> <br /> ' The City hereby covenants that it will restrict the use of the <br />proceeds of said notes in such manner and to such extent, if any, as may be <br />necessary, after taking into accoumt reasonable expectations at the time of <br />the delivery of and payment for such notes, so that said notes will not con- <br />stitute arbitrage bonds under Section 103(c) of the Internal Revenue Code <br />and the applicable income tax regulations under that Section. The fiscal <br />officer or any other officer, including the Clerk, having responsibility <br />for issuing said notes is authorized and directed, alone or in conjunction <br />with any of the foregoing or with any other officer, employee, or consultant <br />of the City, to give an appropriate certificate of the City, for inclusion <br />in the transcript of proceedings, setting forth the reasonable expectations <br />of the City regarding the amount and use of all such proceeds and the facts <br />and estimates om which they are based, all as of the date of delivery <br />payment for said notes. <br /> <br /> Section 7. Ail assessments collected for the improvement afore- <br />said, and any unexpended balance remaining in the improvement fund after <br />the costs and expenses of said improvement have been paid, shall be applied <br />to the payment of said notes and the interest thereon until both are fully <br />provided for. <br /> <br /> Section 8. Said notes shall be the full general obligations of the <br />City and the full faith, credit and revenue of said City are hereby pledged <br />for the prompt payment of the same. The par value to be received from the <br />sale of the bonds anticipated by said notes and any excess funds resulting <br />from the issuance of said notes shall to the extent necessary be used only <br />for the retirement of said notes at maturity, together with interest thereon, <br />and are hereby pledged for such purpose. <br /> <br /> Section 9. In the event that such assessments are not levied or <br />bonds are not issued to provide a fund for the payment of said notes at <br />maturity, a general tax shall be levied against all of the property in said <br />City for the payment of such notes and the interest thereon; provided, how- <br /> <br /> <br />