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<br />,i'~'1 <br /> <br />~ <br /> <br />by the City at any time prior to maturity~ unless the original purchaser <br />of the Notes requests that the Notes provide for such redemption, in <br />which case provision shall be made for calling the Notes for redemption <br />upon ten (10) days written notice to the original purchaser; shall be <br />designated "Warren Road Improvement- Bond Anticipation Notes"; shall be <br />issued in such numbers and denominations as may be requested by the <br />original purchaser; and shall be payable as to both principal and <br />interest at the office of the Director of Finance of the City~ or at <br />banks or trust companies~ as determined by the Director of Finance, <br />without deduction 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 maybe 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 />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 directèd 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 purpQse for which the Notes are being issued under the provisions of <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 rise 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 l03(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 offiter~employee~ or consultant öf the City~ to give an appropri- <br />ate certificate of the City's reasonable expectations~ as of the date of <br />delivery of the ~otes, for inclusion in the transcript of proceedings, <br />which shall state (in brief and summary 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 />are hereby pledged for the prompt payment of the same. The par value to <br />be received from the sale of the bonds anticipated by the Notes and any <br />excess funds resulting from the issuance of the Notes shall, to the <br />extent necessary, be used only for the retirement of the Notes at matur~ <br />ity~ together with the interest thereon, and is hereby pledged for such <br />purpose. <br /> <br />-2- <br />