1983 007 Ordinance - Laserfiche WebLink

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M.V. ORDINANCE N0. 83-7 - 3 - Section 5. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in and for the issuing of said bonds, in order to make them 1ega1, valid and binding obligations of the Village, have happened, been done and performed in regular and due form as required by law; that the full faith, credit and revenue of said Village shall be and are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitat3.on of in- debtedness or taxation, either statutory or constitutional, will be exceeded in issuing said bonds. Section 6. That said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund 3n his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said bonds, except the premium and accrued interest thereon, shall be used for the purpose for which said bonds are issued and for no other pur- pose; the premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied in the payment of the principal and interest of said bonds in the manner provided by law. The Village hereby covenants that it will restrict the use of the proceeds of the bonds in such manner and to such extent, if any, as may be riecessary, after taking into account reasonable expectations at the time of the delivery of and payment for such bonds, so that the bonds will not con- stitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Section. The fiscal officer or any other officer, including the Clerk of Council, having respon- sibility for issuing the bonds is authorized and directed, alone or in con- junction with any of the foregoing or with any other officer, employee, or consultant of the Village, to give an appropriate certificate of the Village, for inclusion in the transcript of proceedings, setting forth the reasonable expectations of the Village regarding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the date of delivery and payment for such bonds. Section 7. That the Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were adopted in an open meet3ng of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code.