28-90 1989 Sidewalk Improvement Bonds $240,000

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system to record beneficial ownership of the right ~o principal and interest, and to effect transfers of bonds; in book-entry form, and includes and means initially The Depository Trust Company (a limited purpose trust company), New York, New York. "Participant" means any participant contracting with a Depository under a book-entry system and includes security brokers and dealers, banks and trust companies, and clearing corporations. If the Bonds are withdrawn from a Depository, and printed bond certificates in registered form are or are to be authenticated and delivered pursuant ~o this Section, and if, in the opinion of Bond Counsel to the City, the delivery of coupon bonds payable to bearer would not result in the interest on any of the Bonds then outstanding ceasing to be excluded from gross income for purposes of federal income taxation, the Council of the City, without the consent of or notice to any of the owners of the Bonds, may authorize the exchange of Bond certificates in registered form or Bonds under a book-entry system for bonds payable to bearer, bearing interest at the same rate and maturing on the same date. Section 5. The Bonds shall be sold at not less than the par value thereof in a manner determined by the Director of Finance to the purchaser offering the lowest interest cost to the City at an interest rate not exceeding that specified in Section 2 of this ordinance; the Director of Finance is hereby authorized and directed to deliver the Bonds, when executed, to the original purchaser 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 Bonds are being issued under the provisions of this ordinance and to pay those costs set forth in Section 133.15(B), Ohio Revised Code, and any such costs which are future financing costs may be paid from the same sources from which the principal of and interest on the Bonds are paid. Any premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Bonds in the manner provided by law. Section 6. For the purpose of providing the necessary funds to pay the interest.on the foregoing issue of. Bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial Bonds at maturity, there shall be and is hereby levied on all taxable property in the City of Lakewood, in addition to all other taxes, a direct tax annually during the period said Bonds are to run in an amount sufficient to provide funds to pay the interest upon said Bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial Bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. Section 7. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount there6f. The funds derived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal of and interes~ on said Bonds when and as the same fall due; provided, however, that in each year, to the extent that other revenues of the City are available -4-