Laserfiche WebLink
<br /> <br />-3- <br />if said officer refuses to take any or all of said bonds, then said bonds not so <br />taken shall be advertised for public sale and sold in the manner provided by law. <br />The proceeds from the sale of said bc+c~ds, except the premium, sccra~ed interest <br />thereon and capitalized interest, sha3.1 be used for the purpose afoaresa-id and for <br />no other a and be alloasted to the imgrcrve~ment herein ascribed. The City <br />covenants that the proceeds of said bcesds shall not be invested or used in such <br />manner that any of said bonds wvald be "ax'bitrage bonds" for parposes of Secticu <br />103(d)(l) of the Internal Aevenu~e Code of 1954. <br />The premium, accrued and capitalized interest received frca~n such sale shs11 <br />be transferred to the Bond Aetirmeat Fund to be applied to the payment of the <br />principal and interest of said booms, in the manner provided by law. <br />Section 8. The Clerk of Council is hereby authorized and directed to certify a <br />copy of this ordinance to the Auditor of Cuyahoga County, Clhio, according to law. <br />Section 9. This ordinance is hereby declared to be axt e~rgemcy measure <br />necessary for the preservation of the public pease, welfare ate, sad'ety of this <br />City, and for the further reason that the notes of this City issued for these <br />improvements are about to matte and ~natat be retired, with the proceeds of the <br />bonds authorized herein in order to prmtect the credit of this City; wherefore, <br />this ordinance aha11 take effect nand be in force immediately upon its passage and <br />si~ature by the Mayor. <br />PAS3LD: <br />ATTgST: <br />A~ov~n: S'~i q < z o <br />Raj. a , r <br /> <br />~- L ,max- saw 7d <br /> <br />