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CITY OF N H OLMSTED ORDINANCE?. 79-59 ? - 2 - centum (8X) per annum, as maq be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated June 8, 1979, shall mature on June 6, 1980, and shall be in such deaominations as may be requested bq the purchaser. Section 5. Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporatioa. They shall be payable in Federal Reserve funds of the Uaitsd States of America at the main office of National City Bank, Clcveland, Ohio, and shall express upoa their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to tha rejection of such notes by the Director of Finance for investment in the Bond Retirement Ftmd, such notes sha].1 be sold by the Director of Finance at private sale at an interest rate aot in excess of that specified in Section 4. The proceeds from such sale, except anq premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for ao other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fuad. The City hereby covenants that it will restrict the use of the pro- ceeds of the notes iu such manner and to such extent, if any, as may be nec- essary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute arbitrage bonds under Sectioa 103(c) of the Internal Revenue Code and the regulatioas prescribed under that section. The Director of Finance is authorized aad directed to give an appropriate cer- tificate on behalf of the City, for inclusioa in the transcript of proceedings, setting forth the facts, estimates and circumstaaces and reasonable expectations pertaining to said Section 103(c) and regulations thereuader. Section 7. Said notes shall be the full general obligations of the City and the full faith, credit aad revenue of said Citq are hereby pledged for the prompt paymeat of the same. The par value to be received from the sale of the bonds anticipated by said notes and auy excess funds resultiag from the is- suance of said notes shall to the extent necessarq be used oaly for the retire- ment of said notes at maturity, togather with interest thereon, and is hereby pledged for such purpose. Section 8. During the year or years while such notes run there shall be levied on all the taxable propertq in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued therefor without the prior issue of said notes. Said tax shall be aad is hereby ordered computed, certified, levied and eactended upon the tax duplicate aad 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, entended aad collacted. Said tax shall be placed before and in preference to all other item and for the full am?unt thereof. The funds derived from said tax levies hereby requized shall be placed in a separate and distinct fund, which, together with the iaterest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in aaticipatioa of which theq are issued when and as the sanme falls due. Section 9. The Clerk is hereby directed to forward a certified copy of this ordinaace to the Countq Auditor. Section 10. It is found and determi.ned that all formal actions of this Council concerning and relatiag to the passage of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of ita committass that resulted in such formal action, were in meeting opea to the public, in compliance with all legal requirements in- cluding Section 121.22 of the Ohio Revised Code.