73-010 Ordinance - Laserfiche WebLink

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µ ~ ,~..~o - 2 - Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate sot exceeding four and one-half per centum (4-1J2x) per ansusm, payable at saturity, and at such rate after ssatturity not exceeding eight per centum ($X) per aanu~e, as sway be fixed by the Director of Finance in his ward of said notes at private sale. Such notes shall be dated March 9, 1973, shall sestuxe l~sereh 8, 1974, and shall be in such denominations as may 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 Feral Reserve Fonda of the ITnited States of America at the stain office of The National City Bank of Cleveland, Clevei:nd, tRsio, and shall expr+ses upon their face the purpose for which they are issuad 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 investseAt in the Fond Retirement Fund, :ueh st~rtas shall be sold by the Director of Plusses 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 for the pur- pose aforesaid and for no other purpose. Any premium and accrued interest shall be depsositad in the Fond Retirement Fund. It is hereby certified that it is not expected that the proceeds of the issue of such notes Brill be used in a maansr that would cause such notes to be arbitxage bands uadar Section lt?3(d) of the Intaraal Reveaua Code of 1954, as aaended, sad valid regulations thereunder; that all of the proceeds of such notes are aeedad for the purpose for which they are hereby asstbmrised to be issued, substas-tial ditures were prostptly cosrmitted to the original purpose through binding obligations, work oat the project proceeded with due diligence to completion, all available proceeds from the original noCSS issued for the project were a~cpended within the temporary periosi raascnublp required through the exercias of due diligence to cosplete the project s~rlue final paysaents, and any such proceeds sere invested or deposited aaly far a tem- porary period until seeded for the purpose for which the suss mare issuad; and that this certification is based upon all of the relevant facts. circumstances in existence, including those ss€are particulaacly s+et frarth in the certificate of the fiscal officer entitled "IRC Seeti+sa lfl3(d) Ctrrtifieate" which shall be incorporated in the transcript of proceedi~tgs 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 Hake no use of the proceeds of such notes w~tich, if such use had been reassaably expected on the date of issue of such notes, would have caused them to be arbitrage bonds us:der Beetles 113 Ed) of the Internal F,evenue Code of 1$5~r, as wed, as in effect on the date of such issue, sand any valid regulatione~ thereu~+der and that it will cos~-ly with. the regsiireseents of said Section 1Q3 (d) atwt the ree~uirements of said 8ectian 143 (d) and the..requiress~ts r-f say valid rla- tions thereunder, all to the extent as way be necessary, at the tis~ee of the use cf such proceeds, so that stuck use will not cause such notes. to-be arbitrage bonds. under Section IQ3(d) of the Internal Revenue Code of 1954, as amended. Section 7. Said Hates shall 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 Bask. The par value to be received fxaae the sale of the bonds anticipated by said notes and any eacess fins r+ea+lltiag from the issuance of said notes sha11 to the extent necessary be u+~ed only for the retirement of said notes at maturity, together with. the interact the~ceon, and is hereby pledged fox such purpose.