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- 2- <br /> <br /> Section 3. That it is necessary and this Council hereby determines <br />that notes in the principal amount of $315,000 shall be issued in anticipation <br />of the issuance of said bonds and to pay and retire the abovementioned notes. <br /> <br /> Section 4. That such anticipatory notes in the amount aforesaid <br />shall bear interest payable at maturity at one or more rates not exceeding <br />the maximum rate permitted by law, provided that such notes may bear one <br />or more different rates not exceeding the ~mximum rate permitted by law after <br />maturity and until the principal sum is paid; shall be in the denominations <br />and numbered as the original purchaser or purchasers thereof request, shall <br />be dated July l, 1981 and shall mature one year from such date, with~ an option <br />in the City to redeem such notes prior to maturity if satisfactory to the <br />original purchaser or purchasers of such notes. <br /> <br /> Section 5. That such notes shall be executed by the M~yor and <br />Director of Finance and bear the seal of the Corporation. They shall be <br />payable at the office of the Director of Finance, City Hall, Lakewood, Ohio, <br />or.at the principal office of a depositary bank of the City selected by the <br />original purchaser, and shall express upon their faces the purpose for which <br />they are issued and that they are issued pursuant to this 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 an interest rate <br />or rates not exceeding that specified in Section 4 of this ordinance and <br />in accordance with the best interests and welfare of the City; and the Director <br />of Finance is hereby authorized and directed to deliver said notes, when <br />executed, to the original purchaser or purchasers thereof upon payment of <br />the purchase price. The proceeds of such sale shall be paid into the Street <br />Improvement Fund, which is hereby created, and is hereby appropriated and <br />shall be used for the purpose for which said notes are being issued under <br />the provisions of this ordinance. <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 account reasonable expectations at the tim~ 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 on which they are based, all as of the date of delivery and <br />payment for said notes. <br /> <br /> Section 7. All 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 p~yment of said notes at <br /> ~aturity, 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 /> ever, that during the year or years while such notes run there shall be <br /> <br /> <br />