72-190 Ordinance - Laserfiche WebLink

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- ~ - ~, ~~-i9o Y as amended, and valid regulations thereunder; that all of the proceeds of such notes are needed for the purpose for which they are hereby authorized to be issued, substantial expenditures therefrom have been or will be promptly com- mitted to such purpose through binding obligations, work on the project will proceed with due diligence to ccanpletion, all available proceeds will be expended within the temporary period reasonably required through the exercise of due diligence to complete the project and make final payments, and any such proceeds will be invested. or deposited only for a temporary period until needed for the purpose for which the notes are issued; and that this cer- tification is based upon all of the relevant facts and circumstances in existence, including those more particularly set forth in the certificate of the fiscal officer entitled "IRC Section 103(d) Certificate" which shall be incorporated in the transcript of proceedings pertaining to such notes and which certificate is adopted and incorporated herein by reference. The City covenants to the purchasers of such notes that it will make no use of the proceeds of such notes which, if such use had been reasonably expected on the date of issue of such notes, would have caused them to be arbitrage bonds under Section 103(d) of the Internal Revenue Code of 195+, as amended, as in effect on the date of such issue, and any valid regulations thereunder, and that it will comply with the requirements of said Section 103{d) and the re- quirements of any valid regulations thereunder, all to the extent as may be necessary, at the time of the use of such proceeds, so that such use will not cause such notes to be arbitrage bonds under Section 103(d) of the Internal Revenue Code of 195+, as amended. Section 7. Said notes shall be the full general obligations of the City and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The pax value to be received fro2n the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the year or years while such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued therefor without the prior issue of said notes. Said tax shall be and is hereby ordered c~nputed, 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 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 be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they are issued when and as the same falls due. Section 9. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds for the resux~Pac ing of Walter Road, which improvement is urgently needed to eliminate existing hazards to pedestrian and vehicular traffic; wherefore, this ordinance shall