1982 021 Ordinance - Laserfiche WebLink

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- 3 - been done and performed in regular and due form as required by law; that the full f aith, 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 limitaiton of indebtedness or taxation, either statutory or constitutional, will be exceeded in issuing said bonds. Section 7. That said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in 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 purpose; 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 necessary, after taking into account reasonable expectations at.the time of the delivery of and payment for such bonds, so that the bonds 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 bonds 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 bonds. Section 8. 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 9. 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 meeting of this Council, and that all deliberations of this Council and of any of its conunittees that resulted in such formal action, were in meetings open to the public, in compliance with all legal req uirements including Section 121.22 of the Ohio Revi.sed Code. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of said Village and for the further reason that in order to facilitate the sale of the