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• 'CITY OF NC~*H OLMSTED ' • ORDINANCE ,~,,. 80-58 - 2 - NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $3,355,000 for the purpose of improving the recreational facilities of the City by constructing a building housing an ice skating rink, swimming pool, tennis courts and appurtenant facilities, constructing a toboggan slide, acquiring, developing and improving the site therefor, and providing furnishings and equipment for such recreation center and grounds. Section 2. -That said bonds shall be dated approximately June 1, 1981, shall bear interest at the estimated rate of ten per centum (10%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in thirty annual installments after their issuance as authorized by Revised Code Section 133.032.. - Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and to provide funds for the retire- ment of the aforesaid notes maturing June 6, 1980, it is hereby declared necessary to issue and there shall be issued notes of said City in the prin- cipal amount of $3,355,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at a rate not exceeding ten and one-half per centum (10-1/2%) per annum, payable at maturity, with provision, if requested by the purchaser, that in the event of a default in the payment of principal of such notes at maturity, the same shall bear interest after maturity at a different- iate not exceeding ten and one-half per centum (10-1/2%) per annum, both as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated June 6, 1980, shall mature on June 5, 1981, 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, shall bear such numbers as designated by the Director of .Finance and shall express upon their faces the purpose for which -they are issued and that they are issued pursuant to this ordinance. Section-6. 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 not less than the par value thereof together with any premium and accrued interest thereon and at an interest rate not in excess of that specified in Section 4 of this ordinance. The Director of Finance is hereby authorized and directed to deliver such notes, when executed, to the purchaser thereof upon the payment of such purchase price. 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 to be applied to the payment of the principal of and interest on such notes in the manner provided by law. The City hereby covenants that it will restrict the use of the pro- ceeds of the notes in such manner and to such extent, if any, as may be nec- essary, 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 income tax regulations prescribed under that Section. The Director