85-062 Ordinance - Laserfiche WebLink

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.,Ordinance No. 85-62 '- 2 - 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 Direetor 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 proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. 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 any 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 outstand- ing, there shall be levied on all the taxable property in the City, in addi- tion 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 duplicate 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. 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 issuing the Notes, shall, alone or with any other officer or employee of or consultant to the City, give an appropriate certificate of the City for inclu- sion in the transcript of proceedings for the Notes, setting forth the reason- able expectations of the City regarding the amount and use of all the proceeds of the Notes and the facts and estimates on which they are based, all as of the date of delivery of and payment for the Notes. Section 11. The Clerk of Council is directed to deliver a certified copy of this ordinance to the County Auditor.