90-063 Ordinance - Laserfiche WebLink

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3 - ?'•` the denominations and numbers as requested by the original purchaser and approved by the Director of Finance, provided that no Note shall be issued in a denomination less than $100,000 or exchangeable for other Notes in denomina- tions less than $100,000 and that the entire principal amount may be repre- sent.ed by a single not.e. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance and shall express upon their faces the purpose, in summary ter.ms, for which they are issued and that they are issued pursuant to this ordinance. Section 6. The Notes shall be sold at not less than par at private sale by the Director o£ Finance in accordance with law and the provisions of this ordinance. The Director of Finance shall sign the certificate of award referred to in Section 3 evidencing that sale, cause the Notes to be prepared, and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the original purchaser upon payment of the purchase price. Section 7. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Notes are being issued. Any portion of those proceeds representing premium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The par value to be received from the sale of the Bonds or•of any renewal notes and any excess funds resulting from the issuance of the Notes sha11, to the extent necessary, be used to pay the debt charges on the Notes at maturity and are pledged for that purpose. Section 9. During the year or years in which the Notes are out- standing, there stiall be levied on all the taxable property in the City, in addition to all other taxes, the same tax that would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the 11.1-mill limitation provided by the Charter of the City, shall be and is 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 £or general purposes for each of those years are certi- fied, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which is irrevocably pledged for the payment of the debt charges on the Notes or the Bonds when and as the same fall due. Section 10. The City covenants that it will the use and investment of, the proceeds of the Notes such extent as may be necessary so that (a) the Notes w private activity bonds, arbitrage bonds or hedge bonds or 149 of the Internal Revenue Code of 1986, as amended treated other than as bonds to which Section 103(a) of (b) the interest on the Notes will not be treated as a Section 57 of the Code. se, and will restrict in such manner and to 11 not (i) constitute nder Section 141, 148 the Code), or (ii) be the Code applies, and preference item under