37-85 Improve Chesterland & other streets BAN

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/í--" requested by the purchaser, that, in the event of default, the same shall bear interest at a rate o.r rates not exceeding the maximum interest rate permitted by law until the principal sum is paid; shall be dated May 14, 1985; shall mature on May 14, 1986; šhall not be subject to redemption by the City at any time prior to maturity, unless the original purchaser of the Notes requests that the Notes provide for such redemption, in which case provision shall be made for calling the Notes for redemption upon ten (0) days written notice to the original purchaser; shall be designated "1985 Street Improvement Bond Anticipa- tion Notes"; shall be issued in such numbers and denominations as may be requested by the original purchaser; and shall be payable as to both principal and interest at the office of the Director of Finance of the City, or at banks or trust companies, as determined by the Director of Finance, without deduction for exchange, collection or service charge. Section 4. That the Notes shall be executed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and bear the seal of the corporation or a facsimile thereof. The Notes shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 5. Subject to the rejection of the Notes by the Director of Finance for investment in the Bond Retirement Fund, the Notes shall be sold at the par value thereof by the Director of Finance at private sale at an interest rate not exceeding that specified in Section 3 of this ordinance and in accordance with the best interests and welfare of the City; and the Director of Finance is hereby author- ized and directed to deliver the Notes, when executed, to the original purchaser or purchasers thereof upon payment of the purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which the Notes are being issued under the provisions of this ordinance. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied to the payment of the princi- pal of an interest on the Notes in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of any payment for the Notes, so that the Notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under ~hat Sec- tion. The fiscal officer or any other officer, including the~Clerk of Council, having responsibility for issuing said Notes is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, ,employee, or consultant of the City, to give an appropri- ate certificate of the City's reasonable expectations, as of the date of delivery of the Notes, for inclusion in the transcript of proceedings, which shall state (in brief and summary terms) the facts and estimates on which the City's reasonable expectations as to future events are based and state that, to the best of the knowledge and belief of the certifying officer, the City's expectations are reasonable. Section 6. The Notes shall be the full general obligations of the City of Lakewood and the full faith, credit and revenue of sa~d City are hereby pledged for the ,prompt payment of the same. The par value to be received from the sale of the bonds anticipated by the Notes and any excess funds resulting from the issuance of the Notes shall, to the -2-