1978 023 Ordinance - Laserfiche WebLink

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NO. 78-23 Page -2- Section 5. Such note shall be signed by the Mayor and Director of Finance, shall bear the corporate seal of the Village, shall be payable at the office of the Director of Finance, Village of Mayfield, Ohio, and without deduction for his services as the Village's paying agent, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Subject to the rejection of said note by the officer in charge of the Bond Retirement Fund, said note is hereby awarded and sold to Central National Bank of Cleveland at not less than the par value thereof; and the Director of Finance is authorized and directed to deliver said note, when executed, to the purchaser thereof upon payment of such purchase price. The proceeds of such sale, except premium and accrued interest, shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. Any premium and any accrued interest shall be transferred to the bond retirement fund to be applied in the payment of the principal and interest of said note in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the note in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that it will not constitute arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescriSed under that section. The fiscal officer or any other officer, including the Clerk-Treasurer, having responsi- bility w3th respect to the issuance of this note is authorized and directed to gTVe an appropriate certificate on,,behalf of the Village, for inclusion 3n the transcript of proceedings; setting forth the facts, estimates, and circumstances and reasonable expectations pertaining to said Section 103(dj and regulatsons thereunder. Section 7. Said note shall be the full qeneral obligation of the Village of Mayfield and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess funds resultinq from the issuance thereof, shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 8. During the year or years while such note runs there sha11 be levied on all the taxable property in the Village of Mayfield, in addition to all other taxes, a direct tax annually not less than that whicA would have been levied if bonds had been issued without the prior issue of such note. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax dupli- cate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, 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