84-097 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTEP6, _ ORDINANCE N0..84-97 - 2 - Section 5. The Notes shall be signed by the Mayor and Director of Finance, in the name of the City and in their official capacities, provfded that one of those signatures may be a facsimile, and bear the corporate seal of the City or a facsimile of that seal; shall be issued in the numbers and denominations as may be requested by the original purchaser and approved by the Director of Finance, provided that the entire principal amount may be represented by a single note; shall not have coupons attached; shall be numbered as determined by the Director of Finance; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. The Notes are offered at par and accrued interest, if any, to the Director of Finance, as officer in charge of the Bond Retirement Fund of the City. Notes not purchased for the Bond Retirement Fund or for other funds of the City shall be sold at private sale by the Director of Finance in accordance with law and the provisions of this ordinance. The Director of Finance shall sign the certificate of award referred to in Section 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the original purchaser upon payment of the purchase price. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the construction fund for the improvement and then transferred immediately to the Bond Retirement Fund and shall be used, together with any investment earnings thereon, to pay principal of and interest on the outstanding notes at maturity and are pledged for that purpose. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Notes in the manner provided by law. Section 8. The par value to be received from the sale of the Bonds or anq renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the principal of and interest on the Notes at maturity and are pledged for that purpose. Section 9. During the year or years in which the Notes are out- standing, there shall be levied on all the taxable property in the City, in addition to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and is ordered computed, certified, levied and extended upon the tax dupli- cate and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the principal of and interest on the Notes or the Bonds when and as the same fall due. However, in each year to the extent the income from the City's sanitary sewerage system is available for the payment of the principal of and interest on the Notes and Bonds and is appropriated for that purpose, the amount of the tax shall be reduced by the amount of the income so available and appropriated. Section 10. The City 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 the Notes, so that the Notes will not consti- tute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable regulations prescribed under that Section. The Director of Finance, as the fiscal officer, or any other officer having responsibility for