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-z= <br />Section S. Such note shall be executed by the Mayor and the Finance <br />Director, and bear the seal of the corporation. It shall be payable at the main <br />office of AmeriTrust Company, Cleveland, Ohio, and shall express upon its face <br />the purpose for which it is issued and that it is issued pursuant to this <br />ordinance. <br />Section 6. Subject to the rejection of said note by the Finance <br />Director of the Village as officer in charge of the Bond Retirement Fund, said <br />note is hereby awarded and sold to AmeriTrust Company, Cleveland, Ohio, for not <br />less than the par value thereof in accordance with the provisions of Section 4 <br />of this ordinance; and the Finance Director is hereby authorized and directed to <br />deliver such note, when executed, to said purchaser upon payment of such purchase <br />price. The proceeds of such sale, except any premium and accrued interest, <br />shall be paid into the proper fund and used for the purpose for which such note <br />is being issued under the provisions of this ordinance. .4ny premium and accrued <br />interest shall be paid into the Bond Retirement Fund to be applied in the payment <br />of principal and interest of said note in the manner provided by law. <br />The Village hereby covenants that it will restrict the use of the <br />proceeds of the note in such manner and to such extent, if any, as may be <br />necessary, after.taking into account reasonable expectations at the time of <br />the delivery of and payment for such note, so that the note will not constitute <br />arbitrage bonds under Section 103(c) of the Internal Revenue Code and the <br />applicable income tax regulations under that Section. The fiscal officer or <br />any other officer, including the Clerk of Council, having responsibility for <br />issuing the note is authorized and directed, alone or in conjunction wfth any <br />of the foregoing or with any other officer, employee, or consultant of the <br />Village, to give an appropriate certificate of the Village, for inclusion in <br />the transcript of proceedings, setting forth the reasonable expectations of <br />the Village regarding the amount and use of all such proceeds and the facts and <br />estimates on which they are based, all as of the date of delivery and payment <br />for such note. <br />Section 7. Such note shall be the full general obligation of the <br />Village and the full faith, credit and revenue of said Village are hereby pledged <br />for the prompt payment of the same. The par value to be received from the sale <br />of the bonds anticipated by said note and any excess funds resulting from the <br />issuance of said note sha11 to the extent necessary be used only for the retire- <br />ment of said note at maturity, together with interest thereon, and are hereby <br />pledged for such purpose. - <br />Section 8. That during the years while said note:runs there shall <br />be levied on all the taxable property in.Mayfield Village, in addition to all <br />other taxes, a direct tax annually not less than that which would have been <br />levied if bonds had been issued without the prior issue of such note. Said <br />tax shall be and is hereby ordered computed, certified, levied and extended <br />upon the tax duplicate and collected by the same officers, in the same manner <br />and at the same time that taxes for general purposes for each of said years <br />are certified, extended and collected. Said tax shall be placed before and <br />in preference to all other items and for the full amount thereof. The funds <br />derived from said tax levies hereby required shall be placed in a separate <br />and distinct fund, which, together with the interest collected on the same, <br />shall be irrevocably pledged for the payment of the principal and interest <br />of said note or the bonds in anticipation of which it is issued, when and as <br />the same fall due.