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CITY OF N~~,H OLI~STED ' ORDINANCE 80-57 - 2 - 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 default in the payment of principal of such notes at maturity, the same shall bear interest after maturity at a different rate 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 pur- chase price. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose afore- said 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 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 bo.~ds under Section 103 (c) of the Internal Revenue Code and the applicable income tax regulations prescribed under that Section. The Director of Finance is authorized and directed to give an appropriate certifi- cate 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. Section 7. Such notes shall be the full general obligations of the City and the full faith, credit and revenue of the 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 is- suance of such notes shall to the extent necessary be used only for the retire- ment of such notes at maturity,. together 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 property 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 without the prier issue of such notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and 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, extended and collected. Said tax shall be placed