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requested by the purchaser, that, in the event of default, the same <br />shall bear interest at a rate or rates not exceeding fifteen per centum <br />(15%) per annum until the principal sum is paid; shall be dated July 13, <br />1984; shall mature on December 14, 1984; shall not be subject to <br />redemption by the City at any time prior to maturity, unless the <br />original purchaser of the Notes requests that the Notes provide for such <br />redemption, in which case provision shall be made for calling the Notes <br />for redemption upon ten (10) days written notice to the original <br />purchaser; shall be designated "Cohassett Water Main Bond Anticipation <br />Notes - 1984 Second Renewal"; shall be issued in such numbers' and <br />denominations as may be requested by the original purchaser; and shall <br />be payable as to both principal and interest at the offices of the <br />Director of Finance of the City, or at banks or trust companies, as <br />determined by the Director of Finance, without deduction for exchange, <br />collection or service charge. <br /> <br /> Section 4. The Notes shall be executed by the Mayor and <br />Director of Finance, provided that one of such signatures may be a <br />facsimile 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 />to Ehrlich-Bober & Co., Inc., New York, New York, at an interest rate <br />not exceeding that specified in Section 3 of this ordinance .and in <br />accordance with the best interests and welfare of the City; and the <br />Director of Finance is hereby authorized and directed to deliver the <br />Notes, when executed, to the original purchaser thereof upon payment of <br />the purchase price. The proceeds of such sale shall be paid into the <br />proper fund and used for the purpose for which the Notes are being <br />issued under the provisions of this ordinance. Any premium and accrued <br />interest shall be transferred to the Bond Retirement Fund to be applied <br />to the payment of the principal of an interest on the Notes in the <br />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 />Council, having responsibility for issuing said Notes is authorized and <br />directed, alone or in conjunction with any of the foregoing or with any <br />other officer, employee, or consultant of the City, to give an appropri- <br />ate certificate of the City's reasonable expectations, as of the date of <br />delivery of the Notes, for inclusion in the transcript of proceedings, <br />which shall state (in brief and s,-m, ary terms) the facts and estimates <br />on which the City's reasonable expectations as to future events are <br />based and state that, to the best of the knowledge and belief of the <br />certifying officer, the City's expectations are reasonable. <br /> <br /> Section 6. The Notes shall be the full general obligations of <br />the City of Lakewood and the full faith, credit and revenue of said City <br /> <br />-2- <br /> <br /> <br />