84-12 Ordinance - Laserfiche WebLink

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. 0ON` SECTION 4. That such notes shall be executed by the Mayor and Director of Finance, one of whose signatures may be a facsimile, and bear the seal of the corporation or a facsimile of such seal; shall bear such numbers as designated by the Director of Finance; shall be payable at the main office of National City Bank, Cleveland, Ohio, without deduction for its services as the City's paying agent; shall be payable in lawful money or, if requested by the purchaser, Federal Reserve funds of the Unfted States of America; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. SECTION 5. That such notes shall be first offered to the Director of Finance as the officer in charge of the Bond Retirement Fund of the City and so many of the same as shall not be taken for said Bond Retirement Fund shall be sold by the Director of Finance at private sale for not less than the par value thereof together with any premium and accrued interest thereon in accordance with Section 3 of this ordinance; and the Director of Finance is hereby authorized and directed to deliver such notes, when executed, to the purchaser thereof upon payment of such purchase price. The proceeds from the sale of such notes, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose for which such notes are being issued under the provisions of this ordinance and for no other purpose. Any premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal of and interest on such notes in the manner provided by law. SECTION 6. That the City hereby covenants that it will restrict the use of the proceeds of the notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for such notes, so that the notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable income tax regulations under that Section. The fiscal officer or any other officer having responsibility for issuing the notes is authorized and directed, alone or in con3unction with any of the foregoing or with any other officer, employee or consultant of the Citq, to give an appro- priate certificate of the City, for inclusion in the transcript of proceed- ings, setting forth the reasonable expectations of the City regarding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the date of delivery of and payment for such notes. SECTION 7. That such notes shall be the full general obligations of the City of North Olmsted and the full faith, credit and revenue of this 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 such notes and any excess funds resulting from the issuance of such notes shall, to the extent neces- sary, be used for the retirement of such notes at maturity, together with interest thereon, and are hereby pledged for such purpose. SECTION 8. That during the year or years while such notes run there shall be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issuance of such notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time 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 items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal of and interest on such notes or the bonds in anticipation of which they are issued, when and as the same fall due.