1982 008 Ordinance - Laserfiche WebLink

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- 2 - Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of ten and one-quarter per centum (10-1/4%) per annum, payable at maturity, and in the event of default in the payment of such note at maturity, the same shall bear interest at the rate of thirteen per centurn (13%) per annum from the said maturity until the principal sum is paid. Such note shall be dated January 22, 1982, and shall mature on or before January 21, 1983. Section 5. Such note shall be executed by the Mayor and the Finance Director and bear the seal of the Corporation. It shall be payable at the main office of AmeriTrust Company, Cleveland, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Subject to the rejection of said note by the Finance Director of the Village as officer in charge of the Bond Retirement Fund, said note is hereby awarded and sold to AmeriTrust Company, Cleveland, Ohio, for not less than the par value thereof in accordance with the provisions of Section 4 of this ' ordinance; and the Finance Director is hereby authorized and directed to deliver such note, when executed, to said purchaser upon payment of such purchase price. The proceeds of such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose for which such note is being issued under the provisions of this ordinance. Any premium and accrued interest shall be paid into the Bond Retirement Fund to be applied in the payment of principal and interest of said note in the manner provided by law. The Village hereby covenants that it will restrict the use of the proceeds of the note in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for such note, so that the note will not constitute 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 responsibility for issuing the note is authorized and directed, alone or in conjunction 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 note. Section 7. Such note shall be the full general obligation of the Village and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall to the extent necessary be 'used only for the retirement of said note at maturity, together with interest thereon, and are hereby pledged for such purpose.