1981 016 Ordinance - Laserfiche WebLink

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Section 6. That the par value to be received from the sale of the Bonds and any premium or accrued interest resulting from the issu- ance and sale of the Notes shall, to the extent necessary, be used only for the retirement of the Notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. That, in the event that said special assessments are not collected or that the Bonds are not issued to provide a fund for the payment of the Notes at matur.ity., then, without relieving the Village of any other obligation, a general ad valorem tax shall be .levied against all of the taxable property in the Village for the payment of the Notes and interest thereon. Section 8. That, notwithstanding any other provisions of this Ordinance, the Village hereby covenants that it will restrict the use of the proceeds of the Notes and of-the moneys or funds held hereunder in such manner and to the extent, if any, as may be necessary, after taking into account reasonable expectations on the date of issuance of the Notes, so that the Notes will not constitute "arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended, and the regulations of the Treasury Department thereunder proposed or in effect at the time. of such use and applicable to obligations issued on the date of issuance of the Notes. The Director of Finance, or any other officer of the Village having responsibility with respect to the issuance of the _ Notes, is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee, consultant or agent of the Village, to give an appropriate certificate on behalf of the Village, for inclusion in the transcript of proceedings for the Notes, -5-