1987 045 Ordinance - Laserfiche WebLink

Home Browse Search

ORDINANCE N0. 87-45 PAGE TWO Section 5. The Notes shall be signed by the Mayor and the Director of Finance in the name of the Village and in their official capacities, pro- vided that one of those signatures may be a facsimile, and bear the corporate seal of the Village or a facsimile of that seal. The Notes shall be issued in the denominations and numbers as requested by the original purchaser and ap- proved by the Director of Finance, provided that the entire principal amount may be represented by a single note. The Notes shall not have coupons at- tached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. The Notes are offered at par and accrued interest, if any, to the Director of Finance, as officer in charge of the Bond Retirement Fund of the Villagee Notes not purchased for the Bond Retirement Fund or for other funds of the Village are hereby awarded and sold to The Central Trust Company, N.A., Cincinnati, Ohio, with premium in the amount of $4.50, in accordance with law and tize provisions of this ordinance. The Director of Finance shall cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the original purchaser upon payment of the purchase price. Section 7. The proceeds from the sale of the Notes, except any pre- mium and accrued 3nterest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those proceeds representing pre- mium and accrued interest shall be paid into the Bond Retirement Fund, Section 8a The par value to be received from the sale of the Bonds or of any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the principal of and interest on the Notes at maturity and are pledged for that purpose. Section 9. During the year or years in which the Notes are outstand- ing, there shall be levied on all the taxable property in the Village, in addition to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the ten-mill limitation imposed by law, shall be and is ordered com- puted, certified, levied and extended upon the tax dunlicate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the principal of and interest on the Notes or the Bonds when and as the same fall due. Section 10. The Village covenants that it will restrict the use of the proceeds of the Notes in such manner and to such extent, if any, as may be necessary so that the Notes will not constitute arbitrage bonds under Section 148 of the Internal Revenue Code of 1986, as amended (the Code), The Director