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? CITY OF NO R OLMSTED ORDINANCE N0. 79-101 PAGE TWO. bear interest at a rate not exceeding eight per centum (8%) per annum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated August 1, 1979, shall mature on August 1, 1980, and shall be in such denominations as may be requested by the purchaser. Section 5. Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the main office of National City Bank, Cleveland, Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and any unexpected balance rema,ining in the i.mprovement fund after the costs and expenses of said improvement haVe been paid, shall be applied to the pay- ment of said notes and the interest thereon until both are fully grovided for. Section 7. Subject to the rejection of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Section 4. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. The City hereby covenants that it will restrict the use of any 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 and payment of such notes, so that the notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance is 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 e.xpectations regarding the amount and use of the proceeds of the notes pursuant to said Section 103(c) and regulations thereunder. Section 8. Said notes shall be the full general obligations of the City and the full faith, credit and revenue of said 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 said notes and any excess funds resulting from the is- suance of said notes shall to the extent necessary be used only for the retire- ment of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all the taxable property in said City for the payment of such notes and the interest thereon. Section 10. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11. It is Eound and determ.ined that all formal actions of this Council concerning and relating to the passage o# this ordinance were adopted in an open meeting of this Council, and that all del3berations of