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The Notes shall be payable solely from the Revenues and shall be secured equally and ratably (i)
<br />by a pledge of the Revenues; provided, however, that any lien on or pledge of any fund, account, revenues
<br />or money shall be valid and enforceable only to the extent permitted by law. Nothing in this Ordinance or
<br />the Notes shall constitute a general obligation, debt or bonded indebtedness of the City; neither the
<br />general resources of the City shall be required to be used, nor the general credit of the City pledged for
<br />the performance of any duty under this Ordinance, the Notes; and further, nothing therein gives the
<br />Holders of the Notes, and they do not have, the right to have excises or taxes levied by the City, or by the
<br />State or the taxing authority of any other political subdivision, for the payment of principal of, redemption
<br />premium, if any, and interest on the Notes, but the Notes are payable from the Revenues, and each Note
<br />shall contain on the face thereof a statement to that effect; provided, however, that nothing in this
<br />Ordinance shall be deemed to prohibit the City, of its own volition, from using to the extent it is lawfully
<br />authorized to do so, any other resources or revenues for the fulfillment of any of the terms, conditions or
<br />obligations of this Ordinance, the Notes.
<br />The City hereby covenants and agrees to observe and perform all its agreements and obligations
<br />provided for by the Notes and this Ordinance. All of the obligations under this Ordinance are hereby
<br />established as duties specifically enjoined by law and resulting from an office, trust or station upon the
<br />City within the meaning of Section 2731.01 of the Ohio Revised Code.
<br />Section 7. Sale of the Notes. The Notes shall bear interest, based on a 360 -day year of twelve
<br />30 -day months, payable at maturity, at such rate per annum as shall be determined by the Director of
<br />Finance and certified to this Council, provided that such rate shall not exceed 5.00% per annum. The Notes
<br />shall be, and hereby are, awarded and sold at private sale to KeyBanc Capital Markets Inc., Cleveland, Ohio
<br />(the "Original Purchaser "), at the purchase price set forth in the Certificate of Fiscal Officer.
<br />The Director of Finance is hereby authorized and directed to deliver the Notes, when executed, to
<br />the Original Purchaser upon payment of the purchase price and accrued interest, if any, to the date of
<br />delivery. The proceeds of such sale, except any accrued interest or premium thereon, shall be deposited
<br />in the Treasury of the City and used for the purpose aforesaid and for no other purpose.
<br />Any accrued interest received from the sale of the Notes shall be transferred to the bond
<br />retirement fund to be applied to the payment of the principal of and interest on the Notes, or other
<br />obligations of the City as permitted by law.
<br />Section 8. Form and Execution of Notes; Payment of Notes. The Notes shall be executed by
<br />the Director of Finance and the Mayor, provided that any and all of such signatures may be a facsimile,
<br />shall be designated "City of Lakewood, Ohio Winton Cliff Improvement Income Tax Revenue Notes, Series
<br />2017," or as otherwise determined by the Director of Finance, and shall be payable as to both principal and
<br />interest at the office of Note Registrar (as defined hereinbelow). The Notes shall express upon their faces
<br />the propose for which they are issued and that they are issued pursuant to this Ordinance.
<br />The principal of and interest on the Notes shall be payable in lawful money of the United States
<br />of America without deduction for the services of the Note Registrar. The principal of and interest on the
<br />Notes shall be payable upon presentation and surrender of the Notes at their maturity at the office of the
<br />Note Registrar. No Note shall be valid or become obligatory for any purpose or shall be entitled to any
<br />security or benefit under this Ordinance unless and until a certificate of authentication, as printed on the
<br />Note, is signed by the Note Registrar as authenticating agent. Authentication by the Note Registrar shall
<br />be conclusive evidence that the Note so authenticated has been duly issued and delivered under this
<br />Ordinance and is entitled to the security and benefit of this Ordinance. The certificate of authentication
<br />may be signed by any officer or officers of the Note Registrar or by such other person acting as an agent
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