80-032 Ordinance - Laserfiche WebLink

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CITY 0 RTH OLMSTED ORDINA N0. 80-32 ,,„, PAGE 3 premium and accrued interest thereon, shall be used for the purpose afore- said and for no other purpose and be allocated to the improvement herein described. The 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 and interest of said bonds, and in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the bonds 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 and payment of such bonds, so that the bonds will not con- stitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance is authorized and directed to give an appropriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations regarding the amount and use of the proceeds of the bonds pursuant to said Section 103(c) and regulations thereunder. Section 7. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. It is found and determined that all formal actions.. of this Council concerning and relating 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 its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal require- ments including Section 121.22 of the Ohio Revised Code. Section 9. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the notes of this City issued in anticipation of these bonds are about to mature and must be retired with the proceeds of the bonds authorized herein in order to protect the credit of the City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Mayor. PASSED: , 1980 ' D Limpert, P esident of Council ATTEST: Florence E. Campbe Clerk of Council APPRQtiED: ~ ~ _ ~O Robert W. Swietyniowski, May r First reading: 3 6 Second reading: .~ Third reading: ~