73-127 Ordinance - Laserfiche WebLink

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~~ /~ ,~ - 2 - sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Section 4. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used Por the purpose aforesaid and for no other purpose. Amy premium and accrued interest shall be deposited in the Bond Retirement Fumd. Section 7. The City hereby covements that it will restrict the use of the proceeds of the notes in such manner and to such exteat, if any, as nay be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute arbitrage bonds under Section 103(d) of the Interne,]. Revenue Code and the regulations pre- scribed under that section. The Director of Finance is authorized and directed to give an appropriate certificate om behalf of the City, for in- clusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section 103(d) and regulations thereunder. Section 8. Said notes shall be the full gametal 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 par value to be received from the sale of the bonds anticipated by said notes and any excess fonds resulting from the issuance of said notes shall to the extent necessary be used only for the retirement of said motes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9. wring the year or years while such mates rum there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less them 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 coaputed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the aa~ tine that taxes for general purposes fe~x each of said years are certified, extended and collected. Said t~1t shall be placed before and in preference to all other items and for the full ame~ant thereof. The funds derived from said tax levies hereby required shell be placed in a separate and distinct fund, which, together with the interest collected on the same, aha11 be irrevocably pledged for the payment of the principal sad interest of said notes or the bonds in anticipation of which they axe issued when and as the same falls due. Section 10. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11. This ordinance is hereby declared to be an emergency aeeasure 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 oP the notes herein authorized is necessary to provide funds With which to retire presently outstanding notes which are about to mature and thereby protect the credit of this City; wherefore, .this ordinance shall take effect and be in force inmtediately upon its passage and approval by the Mayor. ~'" PASSID: ~~ ~ / ~' ~ ATTEST : ~/~~k ~C.<..~` Rota T. Bill, Clerk of Council APPROVED: ~'® Z~73 C, _ Ralph Christssus, Mayor Francis J. 0 i ,President of cil _ ,..