73-054 Ordinance - Laserfiche WebLink

Home Browse Search

- 2 - 7J I-~~ of The National City Bank of Cleveland, Cleveland, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of such notes by the Director of Finance for investment is the Bond Retirement Fund, such notes shall be 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 pr~t.um and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and fox no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. The City hereby covenants that it will restrict the use of the proceeds of the notes in such sanner and to such extent, if any, as say be necessary, after taking into account reasonable expectations at the tine the debt is incurred, so that the? Trill not constitute arbitrage bonds under Section 103{d) of the Internal Ravenna Code anal the regulations prescribed under that secti<m. The Director of Finance is authorised and directed to give an appropriate certificate on behalf of the City, for inclusion in the transcript of pro- ceedings, setting forth the facts, eatisates and circumstances and reasonable expectations pertaining to said Section 103(d) and regulations thereunder. Section 7. Said notes shall be the full general obligations of the City and the fall faith, credit and revenue of said City are hereby pledged for the prompt payment of the ease. The par value to be received from the sale of the bolds 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 ail other taxes, a direct tax annually not less than that which world hams been levied if bonds had been issued therefor without the prior issue of said notes. Said tax shall be and is hereby ordered campnted, certified, levied and extended upon the tax duplicate and collected by the sale officers, in the sane canner and at the seas times 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 itess and for the foil amcnmt thereof. The funds derived fros said tax levies hereby required shall be placed in a separate and diainct fend, which, together With the interest collected on the same, shall be irrevocably pledged for the psysernt of the principal and interest of said notes or the bonds in anticipation of which they are issued when sad as the sasa$ 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 esm~rgency sea- sure necessary for the preservation of the public peace, welfare and safety of this City, and for the farther reason that the iseediate issuance and sale of the notes herein authorized is necessary to provide funds with which to retire presently outstanding notes .Which are about to nature and thereby protect the credit of this City; wherefore, this ordinance shall take effect and be in force imtiediately upon its passage and approval by the Mayor. PASSED: Cl' ATTEST: Nora T. Hill, Clerk o Council Francis J. O'l~e 1, Pres. unc 1 APPROVED: ~i~•~/~',,,3 Ralph Chriahan, Mayor ~~ of .~r~....~ ~ t_,.