1989 040 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 89- 40 PAGE THREE 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 pursuanL- 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 Village. Notes not purchased for the Bond Retirement Fund or for other funds of the Village shall be sold at private sale by the Director of Finance in accordance with law and the provisions of this ordinance. The Director of Finance shall, in accordance with his determination of the best interests of and financial advantages to the Village and its taxpayers and conditions then existing in the financial market, consistently with the provi- sions of Sections 3 and 4, establish the interest rates to be borne by the Notes and their maturity, sign the certificate of award referred to in Sec- tions 3 and 4 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings wi.th reference to the issuance of the Notes if requested by the original pur- chaser, 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 interest, 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 8. 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 duplicate 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 of Finance, as the fiscal officer, or any other officer of the Village having