77-070 Ordinance - Laserfiche WebLink

Home Browse Search

. „~ .~ ~ -2- Section 3. Said bonds shall be executed by the Mayor and Director of Finance and shall bear the corporate seal of said City or a facsimile thereof, provided that one of such signatures may be a facsimile signature. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. They shall be payable in lawful money of the United States of America at the main office of National City Bank, Cleveland, Ohio. 77- 7u Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XTI of the Constitution of Ohio; provided, however, that in each year that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessments so appropriated. Section 5. 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 levy hereby required shall be placed in a seperate and distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same shall become due and for no other purpose whatso- ever . Section 7. Said bonds shall be first offered at par and accrued inter- est to the officer in charge of the Bond Retirement Fund in his official capacity and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose and shall be allocated to the improvements herein described. The premium and ac- crued interest received from such sale shall be transferred to the Bond Retire- ment Fund to be applied to the payment of the principal and interest of said bonds in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the-bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the regulations prescribed under that section. The Director o~-Eina.nce.3.s authorized and directed to give an appropriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section 103(c) and regulations thereunder.