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. . CIT'Y OF NORTH OI.MSTED ORDINANCE N0. 79-61 PAGE TWO. low* -WW SECTION 7: Said notes shall first be offered to the officer in charge of the Bon?r Retirement Fund for investment in such fund, and if not taken by such fund, shall be sold at private sale by the Director of Finance at not less than par and accrued interest and at a rate not exceeding that set forth in Section 4. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance. The City hereby convenants tha.t 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 the debt is incurred, so that they will not constitute arbitrage bonds under Section 103(c) of the Internal Itevenue Code and the regulations prescribed under that section. The Director of Finance is author- ized and directed to give an appropriate certificate on behalf of the Ctiy, for in- clusion in the transcript of proceedings, setting forth the facts, estima.tes and circumstances and reasonable expectations pertaining to said Section 103(c) and regulations thereLm.der. SECTION 8: Said notes shall be the full general obligations of_ the City and the full fait , cre it and revenue of said City are hereby pledged for the prorRpt pay- ment 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 issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with the 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 provi e a fund for the payment of said notes at maturity, a general tax shall be levied against all of the taxable property in said City for the payment of such notes and the interest thereon. SECTION 10: The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. SECTION 11: It is found and determined that all formal actions of this Council concerning and relating to the nassage of this ordinance were adopted in an open meeting of this Council, a.nd that all deliberations of this Council and of any of its coirnnittees that resulted in such formal action, were in meetings open to the public, in compliance with all legal rec{uirements including Section 121.22 of the Ohio Revised Code. SECTION 12: This ordinance is hereby declared to be an emergency measure necessary or the i.mmediate preservation of the public health, safety and welfare of said City and for the further reason that the irronediate issuance and sale of the notes herein authorized is necessary to provide funds for the construction of the aforesaid sidewalk improvement which is urgently needed to eliminate existing hazards to pedestrian traffic on Mill Road; wherefore, this ordinance shall be in full force and effect from and imunediately after its passage and approval by the Mayor. PASSED: ATTEST : 1/11 ? FLORENCE E. CAMPBELL, CIBRK OF COUNCIL ,- ' f Y H. LIMPE T, P?2ESIDENT OF COUNCIL , APPROVED : J/_ / -> - 7 JF . .? r._,.. _.. . __ _