73-011 Ordinance - Laserfiche WebLink

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~r ~3i~ - 2 - Section 4. That such anticipatory notes in the aa~unt aforesaid shall bear interest at such rate not exceeding four and one half per cesstus~ (+~-1/2X) per asanum, payable at matuxity, and at such rate after maturity not exceeding eight per centum (8X) per annum, as may be fixed by the Director of Finance in his award of said sues at private sale. Such notes shall be dated March 9, 1973, shall mature ?tarch 8, 1974, and shall be in such denomisiations as sRay be requested by the purchaser. Section 5. Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve Fuss of the United States of America at the s+ian office of The Nati€nnal City Rank of Cleveland, Cleveland, Ohio, and shall espresss upon their face the purp~e fer which they are issued and that they are issued pur- suant to this ordinance. Section 6. Subject to the rejection of such notes by the Director of Finance for ismestment in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at an interest rate not in exc~-s of that specified in Section 4. The proceeds from such sale, except any preaium and accrued interest, shall be paid into the proper fund wad used far the pur- pose aforesaid as-d for no other purpose. Any premium and accrued interest shall be depaosited in the Bond Retirement Fund. It is hereby certified that it is not expected that the proceeds of the issue of such stssteEs will be used in a manner that would cause such notes to be arbitrage basuts usuler Section 103(d) of the Internal Re~ssse Code of 1954, as as+~es~ded, axrcl valid regulatiosus thereunder; that all of the proceeds of such notes are needed for the purpose for which they are hereby authorised to be issued, substasstal expenditures were pros~ptly cosNS3.tted to the original purpose through bring cdaligations, work on the project proceeded with due diligence to cermpleti+aa, all available proceeds fro~oa the origis~l notes issued for the project s+-ere ezpestded within the temporary period reasonably required through the exercise of due diligence to complete the project quad make final payments, and any such proceeds were invested or deposited only f®r a t~- porary period until needed for the purpose for which the notes were issued; and that this certification is based upon all of the xelevaat facts and circumstances in existence, including those more particularly set forth in the certificate of the fiscal officer entitled "IRC Section 103(4) Certificate" which shall be incorporated in the transcript of proceedi~s pertais~isg 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 on the date of issue of such notes, would have caused these. to be arbitrage bonds under Section 103(d} of the Internal Revenue Code of 195#, as ascended, as in effect on the date of such issue, and any valid regulatiosys thereunder and that it will complp with the requirements of said Section 103 (d} and the requirements of said Section 103(d) and the requirements of arty valid regula- tions thereunder, all to the extent as may be necessary, at the bins of the use of such proceeds, so that such use will not cause such notes to be arbitrage bonds under Section 103(d) of the Internal Revenue Code of 1954, as ascended. Section .7. Said notes shall be the full general obligatiosua 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 funds resultissg from the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with the interest thereon, and is hereby pledged for such purpose.