84-029 Ordinance - Laserfiche WebLink

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? C ITY OF NORTH OLMSTE?00,, ORDINANCE N0. 84-29 ? PAGE TWO ? ... 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 Citq 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 and 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 anq, 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, including the Clerk of Council, having responsibility for issuing the notes is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee or consultant of the City, to give an appropriate certificate of the City, for inclusion in the transcript of proceedings, 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- sarq, 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, levfed 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. However, in each year to the extent income from the City's sanitary sewerage system is available for the payment of the principal of and interest on such notes and bonds and is appropriated for that purpose, the amount of the tax shall be reduced by the amount of income so available and so appropriated. SECTION 9. That it is hereby determined that all acts, conditions and things required to be done precedent to and in the issuance of such notes, in order to make them legal, valid and binding obligations of the City, have happened, been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or con- stitutional, will have been exceeded in the issuance of such notes.