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r ?.., .1 <br />? <br />-3- <br />said bonds not so taken shall be adveztised for public sale and sold in the <br />manner provided by law. The proceeds from the sale of said bonds, except <br />the premitun, accrued interest thereon and ca,pital.ized interest., shall be <br />used for the purpose aforesaid and for no other purpose and be allocated to <br />the improvements herein described. The City covenants that the proceeds of <br />said bonds sha11 not be invested or used in such manner that any of said <br />bonds would be "arbitrage bonds" f'or purposes of Section 103(d)(1) of the <br />Internal Revenue Code of 1954. <br />The premiiun, accrued and capitalized interest received from such <br />sale shall be transierred to the Bond Retirement Fund to be applied to the <br />payment of the principal and interest of said bonds, in the manner provided <br />by law. <br />Section 8. The Clerk of Council is hereby authorized and directed <br />to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, <br />according to law. <br />Section 9. This ordina.nce is hereby declared to be an emergency <br />measure necessary for the preservation of the public peace, welfare and <br />safety of,this City, a,nd for the further reason that the notes of this City <br />issued for these improvements are about to mature and must be retired iaith <br />the proceeds of the bonds authorized herein in order to protect the credit <br />of this City; wherefore, this ordinance shall take effect and be in force <br />immediately upon its passage and signature by the Mayor. <br />.--? <br />PASSED: 1972 <br />ATTEST : <br />Nora T. Hill, Clerk of Council <br />APPROVED: ///C/71j <br />le <br />Ra1 E. Christman, Mayor <br />??-Q- IL- A <br />Francis J. 0"Nei?l.,Pr es. of Council <br />?