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of the Fiscal Officer of the City, or at banks or trust companies, as determined
<br />bY the Fiscal Officer, without dedUction for exchange, collection or service
<br />charge. "Fiscal Officer" as used in this ordinance means the City,s Director of
<br />Finance, Assistant Director of Finance or Director of Public Works.
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<br /> Section 4. The Notes shall set forth the purpos~ for which they are
<br />issued; shall state that they are issued pursuant to this ordinance; shall be
<br />issued in such numbers and denominations as may be requested by the original
<br />purchaser; and shall be executed by the Mayor and Fiscal Officer, provided that
<br />one of such signatures may be a facsimile signature.
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<br /> ~ection 5. The Notes shall be sold at not less than the par value
<br />thereof by the Fiscal Officer to the Treasury Investment Account of the City
<br />established hereby pursuant to general law at an interest rate not exceeding that
<br />specified in Section 3 of this ordinance. The Director of Law shall obtain the
<br />services of qualified bond counsel and his selection of Calfee, Halter &
<br />Griswold, Bond Attorneys, CleVeland, Ohio, is hereby confirmed, approved and
<br />ratified. The Fi~scal Officer is hereby authorized and directed to deliver the
<br />Notes, when executed, to the original purchaser thereof upon payment of the
<br />purchase price. The proceeds of such sale shall be paid into the proper fund and
<br />used for the purpose for which the Notes are being issued under the provisions
<br />of this ordinance and to pay those costs set forth in Section 133.15(B), Ohio
<br />Revised Code, and any such costs which are future financing costs may be paid
<br />from the same sources from which the principal of and interest on the Notes are
<br />paid. Any premium and accrued interest shall be transferred to the Bond
<br />Retirement Fund to be applied to the payment of the principal of and interest on
<br />the Notes in the manner provided by law. v
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<br /> The City covenants that it will restrict the use of the proceeds of
<br />the Notes in such manner and to such extent, if any, as may be necessary so that
<br />the Notes will not constitute arbitrage bonds umder Section 148 of the Internal
<br />Revenue Code of 1986, as amended (the "Code"). The FiScal Officer, or any other
<br />officer of the City having responsibility for the issuance of the Notes shall
<br />give an appropriate certificate of the City, for inclusion in the transcript of
<br />proceedings for the Notes, setting forth the reasonable expectations of the City
<br />regarding the amount and use of all the proceeds of the Notes, the facts,
<br />circumstances, and estimates on which they are based, and other facts and
<br />circumstances relevant to the tax treatment of interest on the Notes°
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<br /> The City covenants that it (a) will take or cause to be taken such
<br />actions which may be required of it for the imterest on the Notes to be and
<br />remain excluded from gross income for federal income tax purposes, and (b) will
<br />not take or permit to be taken any actions which would adversely affect that
<br />exclusion, and that it, or persons acting for it, will, among other acts of
<br />compliance, (i) apply the proceeds of the Notes to the governmental purpose of
<br />the borrowing, (ii) restrict the yield on investment property acquired with those
<br />proceeds, (iii) make timely rebate payments to the federal government, (iv) main-
<br />tain books and records and make calculations and reports, and (v) refrain from
<br />certain uses of proceeds, all in such manner and to the extent necessary to
<br />assure such exclusion of that interest under the Code. The Fiscal Officer and
<br />other appropriate officers are hereby authorized and directed to take any and all
<br />actions, make calculations and rebate payments, and make or give reports and
<br />certifications as may be appropriate to assure such exclusion of that interest.
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<br /> Section 6. The Notes shall be the full general obligations of the
<br />City of Lakewood and the full faith, credit and revenue of said City are hereby
<br />pledged for the prompt payment of the same. The par value to be received from
<br />the sale of the bonds anticipated by the Notes and any excess funds resulting
<br />from the issuance of the Notes shall, to.the extent necessary, be used only for
<br />the retirement of the Notes at maturity, together with the interest thereon, and
<br />is hereby pledged for such purpose.
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<br /> .~ection 7. During the year or years while the Notes are outstanding,
<br />there shall be levied on all the taxable property in the City of Lakewood, in
<br />addition to all other taxes, a direct tax annually not less than that which would
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