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purchaser; and shall be payable as to both principal and interest at the <br />offices of the Director of Finance of the City, or at banks or trust <br />companies, as determined by the Director of Finance, without deduction <br />for exchange, collection or service charge. <br /> <br /> Section 4. That the Notes shall be executed by the Mayor and <br />Director of Finance, provided that one of such signatures may be a <br />facsmile signature, and bear the seal of the corporation or a facsimile <br />thereof. The Notes 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 5. Subject to the rejection of the Notes by the <br />Director of Finance for investment in the Bond Retirement Fund, the <br />Notes shall be sold at the par value thereof by the Director of Finance <br />at private sale at an interest rate not exceeding that specified in <br />Section 3 of this ordinance and in accordance with the best interests <br />and welfare of the City; and the Director of Finance is hereby author- <br />ized and directed to deliver the Notes, when executed, to the original <br />purchaser or purchasers thereof upon payment of the purchase price. The <br />proceeds of such sale shall be paid into the proper fund and used for <br />the purpose for which the Notes are being issued under the provisions o~ <br />this ordinance. Any premium and accrued interest shall be transferred <br />to the Bond Retirement Fund to be applied to the payment.of the princi- <br />pal of an interest on the Notes in the manner provided by law. <br /> <br /> The City hereby covenants that it will restrict the use of the <br />proceeds of the Notes in such manner and to such extent, if any, as may <br />be necessary, after taking into account reasonable expectations at the <br />time of the delivery of any payment for the Notes, so that the Notes <br />will not constitute arbitrage bonds under Section 103(c) of the Internal <br />Revenue Code and the applicable income tax regulations under that Sec- <br />tion. The fiscal officer or any other officer, including the Clerk of <br /> <br />-3- <br /> <br /> <br />