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Section 4. That such anticipatory notes in the amount afore- <br />said shall bear interest payable at maturity at one or more rates not <br />exceeding the maximum rate permitted by law, provided that such notes may <br />bear one or more different rates not exceeding the maximum rate permitted <br />by law after maturity and until the principal sum is paid; shall be in <br />the denominations and numbered as the original purchaser or purchasers <br />thereof request, shall be dated the date of their issuance and shall <br />mature one (1) year from such date, with an option in the City to redeem <br />such notes prior to maturity if satisfactory to the original purchaser or <br />purchasers of such notes. <br /> <br /> Sectiom 5. That such notes shall be executed by the Mayor 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, <br />Ohio, or at the principal office of a depositary bamk of the City selected <br />by the original purchaser, and shall express upon their faces the purpose <br />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 <br />Director of Finance for investment in the Bond Retirement Fund, said <br />notes shall be sold at the par value thereof by the Director of Finance <br />at an interest rate or rates not exceeding that specified in Section 4 of <br />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 <br />to deliver said notes, when executed, to the original purchaser or pur- <br />chasers thereof upon payment of the purchase price. The proceeds of such <br />sale shall be paid into the Breakwall Construction Fund, which is hereby <br />created, and is hereby appropriated and shall be used for the purpose for <br />which said notes are being issued under the provisions of this ordinance. <br /> <br /> Section 7. The City hereby covenants that it will restrict the <br />use of the proceeds of said notes in such manner and to such extent, if <br />any, as may be necessary, after taking into account reasonable expec- <br />tations at the time of the delivery of and payment for such notes, so <br />that said notes will not constitute arbitrage bonds under Section 103(c) <br />of the Internal Revenue Code and the applicable income tax regulations <br />under that Section. The fiscal officer or any other officer, including <br />the Clerk, having responsibility for issuing said notes is authorized and <br />directed, alone or in comjunction with any of the foregoing or with any <br />other officer, employee, or consultant of the City, to give an appro- <br />priate certificate of the City, ~for inclusion in the transcript of pro- <br />ceedings, setting forth the reasonable expectations of the City regarding <br />the amount and use of all such proceeds and the facts and estimates on <br />which they are based, all as of the date of delivery and payment for said <br />notes. <br /> <br /> Section 8. Ail assessments collected for the improvement <br />aforesaid, and any unexpended balance remaining in the improvement fund <br />after the costs and expenses of said improvement have been paid, shall be <br />applied to the payment of said notes and the interest thereon until both <br />are fully provided for. <br /> <br /> Section 9. Said notes shall be the full general obligations of <br />the City and the full faith, credit and revenue of said City are <br /> <br />-2- <br /> <br /> <br />