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CITY OF NORT OLMSTED ~ ~~ .~~,~._..~,.~. ~~ y ~~~~~ ~~~ ~ _ ~~~ Ordinance N"`80-73 '""'~: . v,s' - 2 - be issued in anticipation of such bonds and to retire the outstanding note dated August 1, 1979. Such anticipatory notes shall bear interest at a rate or rates not to exceed ten and one-half per centum (10-1/2~) per annum, such interest to be payable semi-annually or at maturity, as requested by the purchaser, or at any date of earlier redemption, with provision that if requested by the purchaser, that in the event of default in the payment of the principal of such notes at maturity, such notes shall bear interest after maturity at a different rate or rates, but not exceeding ten and one- half per centum (10-1/2X) per annum, from the said maturity until the principal sum is paid. Such notes shall be dated August 1, 1980, and shall mature on June 5, 1981, but, if agreed to by the purchaser thereof, shall be issued subject to redemption prior to maturity at par and accrued interest, and shall be issued in such numbers and denominations as may be requested by the purchaser thereof. SECTION 4. That such notes shall be executed by the Mayor and Director of Finance, one of whose signatures may be a facsimile, and bear the seal of the corporation or a facsimile of such seal; shall bear such numbers as designated by the Director of Finance; shall be payable at the main office of National City Bank, Cleveland, Ohio, and in Federal Reserve funds of the United States of America if so requested by the purchaser thereof; and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. SECTION 5. That such notes shall be first offered to the officer in charge of the Bond Retirement Fund of the City and so many of the same as shall not be taken for said Bond Retirement Fund shall be sold by the Director of Finance at private sale at not less than the par value thereof together with any premium and accrued interest thereon and at an interest rate not exceeding that specified in Section 3 of this ordinance; and the Director of Finance is hereby authorized and directed to deliver such notes, when executed, to the purchaser thereof upon payment of such purchase price. The proceeds from the sale of such notes, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose for which such notes are being issued under the provisions of this ordinance and for no other purpose. Any premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal of and interest on such notes in the manner provided by law. SECTION 6. That the City hereby 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 such notes, so that the notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable regulations prescribed under that Section. The fiscal officer or any other officer having responsibility for issuing the notes is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee or consultant of the City, to give an appropriate certificate of the City, for inclusion in the transcript of proceedings, setting forth the reasonable expectations of the City regarding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the date of delivery of and payment for such notes pursuant to Section 103(c) and regulations thereunder. SECTION 7. That such notes shall be the full general obligations of the City of North Olmsted and the full faith, credit and revenue of this 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 such notes and any excess funds resulting from the issuance of such notes shall, to the extent necessary, be used for the retirement of such notes at maturity, together with interest thereon, and are hereby pledged for such purpose. _- M- r.w~.~9, _..~..... ..~~,w~,