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<br />- 2 - <br />the seal of the corporation or a facsimile of such seal; shall bear such <br />numbers as designated by the Director of Finance; shall be payable at the <br />main office of National City Bank, Cleveland, Ohio, without deduction for <br />its services as the City's paying agent; shall be payable in lawful money <br />or, if requested by the purchaser, in Federal Reserve funds of the United <br />States of America; and shall express upon their faces the purpose for which <br />they are issued and that they are fssued pursuant to this ordinance. <br />SECTION 5. That such notes shall be first offered to the Director <br />of Finance as the officer in charge of the Bond Retirement Fund of the City <br />and so many of the same as shall not be taken for said Bond Retirement Fund <br />shall be sold by the Director of Finance at private sale for not less than <br />the par value thereof together with any premium and accrued interest thereon <br />and at an interest rate not exceeding that specified in Section 3 of this <br />ordinance; and the Director of Finance is hereby authorized and directed <br />to deliver such notes, when executed, to the purchaser thereof upon payment <br />of such purchase price. The proceeds from the sale of such notes, except <br />any premium and accrued interest thereon, shall be paid into the proper <br />fund and used for the purpose for which such notes are being issued under <br />the provisions of this ordinance and for no other purpose. Any premium <br />and accrued interest received from such sale shall be transferred to the <br />Bond Retirement Fund to be applied to the payment of the principal of and <br />interest on such notes in the manner provided by law. <br />SECTION 6. That the City hereby covenants that it will restrict <br />the use of the proceeds of the notes in such manner and to such extent, <br />if any, as may be necessary, after taking into account reasonable <br />expectations at the time of the delivery of and payment for such notes, <br />so that the notes will not constitute arbitrage bonds under Section 103(c) <br />of the Internal Revenue Code and the applicable income tax regulations under <br />that Section. The fiscal officer or any other officer having responsibility <br />for issuing the notes is authorized and directed, alone or in conjunction <br />with any of the foregoing or with any other officer, employee or consultant <br />of the City, to give an appropriate certificate of the City, for inclusion <br />in the transcript of proceedings, setting forth the reasonable expectations <br />of the City regarding the amount and use of all such proceeds and the facts <br />and estimates on which they are based, all as of the date of delivery of <br />and payment for such notes pursuant to Section 103(c) and regulations <br />thereunder. <br />SECTION 7. That such notes shall be the full general obligations <br />of the City of North Olmsted and the full faith, credit and revenue of this <br />City are hereby pledged for the prompt payment of the same. The par value <br />to be received from the sale of the bonds anticipated by such notes and <br />any excess funds resulting from the issuance of such notes shall, to the <br />extent necessary, be used for the retirement of such notes at maturity, <br />together with interest thereon, and are hereby pledged for such purpose. <br />SECTION 8. That during the year or years while such notes run there <br />shall be levied on all the taxable property in the City, in addition to <br />all other taxes, a direct tax annually not less than that which would have <br />been levied if bonds had been issued without the prior issuance of such <br />notes. Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers, <br />in the same manner, and at the same time that taxes for general purposes <br />for each of said years are certified, extended and collected. Said tax <br />shall be placed before and in preference to all other items and for the <br />full amount thereof. The funds derived from said tax levies hereby required <br />shall be placed in a separate and distinct fund, which, together with the <br />interest collected on the same, shall be irrevocably pledged for the payment <br />of the principal of and interest on such notes or bonds in anticipation <br />of which they are issued, when and as the same fall due.