1980 037 Ordinance - Laserfiche WebLink

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Section 7. That, during the period while the Notes run, there shall be and is hereby levied on all the taxable property in the Vil- lags, in addition to all other taxes, a direct tax annually not less than that which would have been levied if the Bonds had been issued without the prior issuance of the Notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers in the same -manner and at the same time that taxes for general purposes for each year are certi- fied, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with all interest collected on the same, shall be irrevocably pledged for the payment of the princi- pal of and interest on the Notes, or the Bonds in anticipation of which they are issued, when and as the same fall due. 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 or of the moneys or_funds held hereunder in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations on the dates 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 -5-