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numbers and denominations as may be requested by the purchaser; and shall be <br />payable as to both principal and interest at the offices of the Director <br />of Finance of the City, or at banks or trust cc~panies, as determined by <br />the Director of Finance, without deduction for exchange, collection or <br />service charges. <br /> <br /> Section 4. That the Notes shall be executed by the Mayor and the <br />Director of Finance, provided that one of such signatures may be a facsimile <br />signature. The .Notes sh~] 1 have the corporate seal of the City or a facsimile <br />thereof affixed or printed thereon and shall express on their faces the purpose <br />for which they are issued and that they are issued pursuant to this Ordinance. <br /> <br /> Section 5. Subject to the rejection of the Notes by the officer in <br />charge of the bond retirement fund, the Notes shall be sold by the Director <br />of Finance at private sale at a rate or rates of interest not exceeding the <br />limitations set forth in Section 3 hereof, such sale to be made at not less <br />than the par ~alue of the Notes. The proceeds from such sale, except any <br />premium and accrued interest thereon, sba] 1 be paid into the proper fund, <br />which fund is hereby created, and used for the purpose for which the Notes <br />are issued and for no other purpose, and for which purpose said m~ney is <br />hereby appropriated. Any premium and accrued interest shall be transferred <br />to the bond retirement fund to be applied to the payment of principal and <br />interest of the Notes in the manner provided by law. <br /> <br /> Section 6. That the Notes shall be the full general obligations <br />of the City, and the full faith, credit and revenue of the City are hereby <br />pledged for the prompt payment of the same. The par value received frc~ the ' <br />sale of bonds anticipated by the Notes, renewal notes, if any, and any excess <br />fund resulting fr~m the issuance of the Notes, shall to the extent necessary <br />be used only for the retiren~_nt of the Notes at maturity, together with <br />interest thereon and is hereby pledged for such purpose. <br /> <br /> Section 7. That during the period while the Notes are outstanding, <br />there shall be levied upon all of the taxable property in the City, within <br />applicable limitations, in addition to all other taxes, a direct tax <br />annually, not less than that which would have been levied if bonds had been <br />issued without the przor issue of the Notes; said tax shall be and is hereby <br />ordered computed, certified, levied and extended upon the tax duplicate and <br />collected by the same officers in the same manner and at the same time t~hat <br />taxes for general purpo~ ses for each of said years are certified, extended <br />and collected. Said tax shall be placed before and in preference to all <br />otbar it~,~s and for the full ~mount thereof. The funds derived from said <br />tax levy hereby required shall be placed in a separate and distinct fund <br />and, together with interest collected on the same, shall be irrevocably <br />pledged for the payment of the przncipal of and interest on the Notes, or <br />the bonds in anticipation of which they are issued, when and as the same <br />fall due; provided, however, that in each year to the extent t_hat revenues <br />are av~iiable from other sources for the payment of the Notes and bonds <br />and are appropriated for such purpose, the amount of such direct tax upon <br />all of the taxable property in the City shall be reduced by the amount of <br />such revenues so available and appropriated. <br /> <br /> Section 8. That this council, for and on behalf of the City, <br />hereby-covenants that it will restrict the use of the proceeds of the Notes <br />in such manner and to such ek~cent, if any, as may be necessary, after taking <br />into account reasonable expectations at the time the Notes are delivered <br />to the original purchaser thereof, so that they will not constitute "arbitrage <br />bonds" under Section 103 (c) of the Internal Revenue Code and the regulations <br />prescribed thereunder. The Director of Finance or any other officer or other <br />representative of the City having responsibility with respect to the issuance <br />of the Notes is authorized and directed to give a certificate as to the City's <br />reasonable expectations, as of the date of delivery of the Notes for inclusion <br /> <br />-2- <br /> <br /> <br />