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<br />Reserve funds of the United States <br />City Bank of Cleveland, Cleveland, <br />purpose for which they are issued <br />ordinance. <br />- 2 - <br />~/-.~s' <br />of America at the main office of the National <br />Ohio, and shall express upon their face the <br />and that they are issued pursuant to this <br />Section 7. Subject to-the refection of such notes by the Director of <br />Finance for investment in the Bond Retirement Fund, such notes shall be sold by <br />the Director of Finance at private sale at an interest rate not in excess of <br />that specified in Section 4. The proceeds from such sale, except any premium <br />and accrued interest, shall be paid into the proper fund and used for the purpose <br />aforesaid and for no other purpose. Any premium and accrued interest shall be <br />deposited in the Bond Retirement Fund. The City covenants that the proceeds of <br />said notes shall not be invested or used in such manner thi-t any of said notes <br />would be "arbitrage bonds" for purposes of Section 143(d)(1) of the Internal <br />Revenue Code of 195+• <br />Section $. Said notes sha11 be the full general obligations of the <br />City and the full faith, credit and revenue of said City are hereby pledged for <br />the prompt payment of the same. The par value to be received from the sale of <br />the bonds anticipated by said notes and any excess funds resulting from the <br />issuance of said notes shall to the extent necessary be used only for the retire- <br />ment of said notes at maturity, together with interest thereon, and is hereby <br />pledged for such purpose. <br />Section g. During the year or years while such notes run there shall <br />be levied on all the taxable property in said City, in addition to all other taxes, <br />a direct tax annually not less than that which would have been levied if bonds <br />had been issued therefor without the prior issue of said notes. Said tax shall <br />be and is hereby oxdered computed, certified, levied and extended upon the tax <br />duplicate and collected by the same officers, in the same manner and at the same <br />tune that taxes for general purposes for each of said years are certified, ex- <br />tended and collected. Said tax shall be placed before and in preference to all <br />other items and for the full amount thereof. The funds derived Prom $aid tax <br />levies hereby required shall be placed in a separate and distinct fund, which, <br />together with the interest collected on the same, sha11 be irrevocably pledged <br />for the payment of the principal and interest of said notes ar the bonds in <br />anticipation of which they are issued when and as the same falls due. <br />Section 10. The Clerk is hereby directed to forward a certified copy <br />of this ordinance to the County Auditor. <br />Section 11. This ordinance is hereby declared to be an emergency <br />measure necessary for the preservation of the public peace, welfare and safety <br />of this City, and for the fuxther xeason that the immediate issuance and sale <br />of the notes herein authori2ed is necessary to provide funds w~.th which to <br />retire presently outstanding notes and thereby pxotect the credit of this City; <br />wherefore, this ordinance shall take effect and be in force in~nediately upon <br />its passage and approval by the Mayor. <br />PASSED: <br />ATTEST s ~..u / / ti,,,/',~-- <br />--~._ <br />Clerk of Council <br />APPROVED: ~-~~ (e~7` <br />Mayor <br />/~ V'"~~ <br />V ._ ~ + <br />president f ouncil <br />