72-094 Ordinance - Laserfiche WebLink

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7.?• ~~ - ~ - bear the facsiaihs sideat~u+e of ttae Hirsctos of Finance printed or lint ed thereon. '!lacy shell be ~1e in haMful saaney of the kited States of Asrerica at the office of The l~atiaaal City Bask of Cleveland, Clevehksd, Ohio. Section ~. For the purpose of presiding the necessary P to pay the i.n- tersst en the forsgaing issue of 'bcsds ly and as the swse i"alls dwe, and also to pro~ride s fluad sefficient to di.salra~e the said sar,a]. bands at aatarrrity, there s1rs1]. be ass is heretry 1RVied an all tauable is the City of Barth chested, in addition to ell ether teases, a direct taz ly during the period said beads are to run San as ~wasnnt suffieeat to prS.etk s to pay the interest upaa sa3.d as and M~ fhe scare tall des, snit ahra to pr~vi~ a Rmd for the dis~arge of t8e principal ~ as3d s~erlai b®nds st aa'ity, Mich tax shal3.rant be less than the interest and sinking Peed tax reed by Sectiaa 11 of Article XIS of the Censtitutioa of Ckio. Section 5. Said tax shall. be cad is hereby cr~tred casputed, Certified, levied and d apes the tax depliarate and collected by the scare a~ffie+srs, is the sane s~asrser and at the sane tiara that taaces far gametal perpases fcrr each eat said years are ces~ified, d and amlleertred. Said tax shell be phRCSrd bsfcaare anal in preitieresee to all ether iteas cad f~ the futl]. aaieaat thereof'. Tire fltads derived free said tau bevy hereby required sha].1 be placed is a sepa~te cad distiffict Pend, Mhich, tagatthRr Math the interact collected can the awes shall be irrevocably pledged fear the payaeat of principal. and interest oa said bands rdiea cad as the sans Pall due . Seeticn 6. SaiB bonds shall be first offered at per and a~eccruwd interest to the officer is Qbs-rge of the Band. Aetirt Fstnd i.a his official aapucity, and if said offic3er refuses 'tea take any ar all of said bands, then said beads sot so takes shs11 bt advertised far public sale aa8 sold in the alwa~sr prided by law. The proceeds fr~e~m the sale of said bands, exa~ept the pres~iea aatd saaer~red interest thereon, sha]S be used far the p~ aforesaid and for no other pose and be allocated 1fo the iapest herein described. It is hereby certified that it is mot ezpected that the pr©eeeds of the issue of said bands will be eased in s censer that would cause such baomds to be as~itra~e bands under Section 1Q3(d} of the S~etermrl Aevesne Code of 19g~, as ,sad valid regulations therees+~er, and, f~~rther, that all of the preeerds of sash bends are needed Par the puacpese far Mhicb they are hereby aarthvrised to be instated, substasatisl expesdittu~es t+iere c®raritted to such prtrpa`e thraug~ti the t ctf the parchease price of the real estate Mithis eiwty days aat"ter th+e sstm~sacte of the one-year aorta issgad in aaticipatimaa of these beads, all availle ds Mill be expended within the ter~m*ary pericad resa®nably required ss the otily rer~siairrg expenditures ere for interest eta the bend anticipatiaa Hate and casts isci to the issuance of said , ~ ~ sash proceeds will be invented ca' iced only for a tasiparary pe~riad estil needed fdr the pusSao~se for ehieh #~e ere issued; acrd that t1a3.s certifiaatian is based upen aLl the rele~rast its amd cir- ecarstaacres is existence, including those core particularly to be set faacth i.n the certificate af' the fiscal officer titled "IBC §lA3(d) Certifletate" Mhich shall be iac®rpa~rsted in the transcript of pd pertaiaisg to na~id .beads and which ®ertifiewte is adapted and imcdrp~atsd hmere3a by refereshe. '!'he City eovenarats to tlae parethasers of said that it will neke na trice of the proceeds of sai8 bands x~tieth, if each use had bees srasc+aably ezptcted ea the date as issta~e of such bonds, Mould have caused Chest to be as'bitrage beads user 9ecttiea 1©3{d) oP the Internal B~svestse Cade of 195, as asemied, as in effect ae- tie date of such issue, and any valid regulstians t~tereen,der, and that it x311 c: with the ragta~irenreats of said Section 1o3(d) and 'the requiressats of any valid regt~7.ations thereumd~er, aLl to the exteaet as any be necessary, at the ties ~ tyre use of such procteeds, so that such use Mill ao~t cause ouch bends to be arbitrage bends under Section lo3(d) of the Internal Code of 195, as extended.