73-012 Ordinance - Laserfiche WebLink

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v -2- ,.~ i~ per annum, payable at maturity, and at such rate after maturity not exceed- ing eight per centum (8y~) per annum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such Hates shall be dated March 23, 1973, shat.]. mature March 22, 1974, and shall be in such de- nominations as may be requested by the purchaser. Section 5. Such notes sha11 be signed by the Mayer and Director of Finance and bear the seal of the corporation. They shall. be payable in Fed- eral Reserve funds of the United States of America at the main office 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 refection of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes sha11 be sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Seetian ~. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose afore aid and for no other purpose. Air premium and accrued interest shall be deposited in the Bond Retirement Fund. Tt is hereby certified that it is not expected that the proceeds of the issue of such notes will. be used in a manner that would cause such notes to be arbitrage bonds sander Section 103(d) of the Internal Revenue Code of 1954, as amended, and valid regulations thereunder; that all of the proceeds of such notes are needed for the p~urp©se for which they are hereby authorized to be issued, substantial expenditures were promptly committed to the original purpose through binding obligations, worl~ on the project proceeded with due diligence to completion, all available proceeds fxcxn the original Hates issued for the project were expended within the temporary period reasonably required through the exercise of due diligence to complete the project and make final payments, and any such proceeds were invested or deposited only for a temporary period until needed for the pur- pose for which the notes were issued; and that this certification is based upon all of the relevant facts and circumstances in existence, including those more particularly set forth in the certificate of the fiscal officer entitled "IRC Section 103(d) Certificate" which shall be incorporated in the transcript of proceedings pertaining to such notes and which certificate is adopted and incorporated herein by reference. The City covenants to the purchasers of such notes that it will make no use of the proceeds of such notes which, if such use had been reasonably expected an the date of issue of such notes, would have caused them to be arbitrage bonds under Section 103(d) of the Internal Revenue Code of 1954, as amended, as in effect on the date of such issue, and ar~y valid regulations thereunder and that it will comply with the requirements of said Section 103(d) and the require- ments of any valid regulations thereunder, all. to the extent as may be neces- sary, at the time of the use of such proceeds, so that such use will not cause such notes to be arbitrage bonds under Section 103(4) of the Internal Revenue Code of 1954, as amended. Section 7. Said notes shaL1 be the full general 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 frc~n the sale of the bonds anticipated by said notes and any excess fuxids 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 wh3.le such notes run there shall be levied, on all the taxable property in said City, in addition to all other taxes, a direct tax annugl.ly not less than that which would have been levied if bonds had been issued therefor without the prior issue of said notes; ~~ _ ,,