1985 003 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 85- 3 PAGE FIVE which is irrevocably pledged for the payment of the principal of and interest - on the Bonds when and as the same fall due. However, in each year to the extent the income from the levy of the special assessments for the improvement is available for the payment of the principal of and interest on the Bonds and is appropriated for that purpose, the amount of the tax shall be reduced by the amount of the income so available and appropriated. Section l0o The Village 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 the Bonds, so that the Bonds will not consti- tute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable regulations prescribed under that Section. The Finance Director, as the fiscal officer, or any other officer having responsibility for issuing the Bonds, shall, alone or with any other officer or employee of or consultant to the Village, give an appropriate certificate of the Village for inclusion in the transcript of proceedings for the Bonds, setting forth the reasonable expectations of the Village regarding the amount and use of all the proceeds of the Bonds and the facts and estimates on which they are based, all as of the date of delivery of and payment for the Bonds. Section 11. The Clerk of Council is directed to deliver a certified copy of this ordinance to the County Auditor. Section 12. This Council determines that all acts and conditions necessary to be performed by the Village or to have been met precedent to and in the issuing of the Bonds in order to make them legal, valid and binding general obligations of the Village, have been performed and have been met, or will at the time of delivery of the Bonds have been performed and have been met, in regular and due form as required by law; that the full faith, credit and revenues of the Village are pledged for the timely payment of the princi- ' pal of and interest on the Bonds; and that no statutory or constitutional limitation of indebtedness or taxation will have been exceeded in the issuance of the Bonds. Section 13. This Council finds and determines that all formal actions of this Council concerning and relating to the passage of this ordi- nance were taken in an open meeting of this Council and that all deliberations of this Council and of any committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Revised Code. Section 14. This ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safe- ty of the Village, and for the further reason that the immediate effectiveness of this ordinance is required in order to issue and sell the Bonds at an early date which is necessary to enable the Village to retire the notes issued in