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% <br />, <br />-3- <br />if said officer refzses to take a,ny or a11 of said bonds, then said bonds not so <br />taken shall be advertised for public sale and sold in the manner provided by law. <br />The proceeds from the sale of said bonds, except the premium, accrued interest <br />thereon and capitalized interest, shall be used for the purpose aforesaid and for <br />no other purpose a.nd be allocated to the improvement herein described. The City <br />covenants that the proceeds of said bonds shall not be invested or used in such <br />manner that any of said bonds would be "arbitrage bonds" for purposes of Section <br />103(d)(1) of the Internal Revenue Code of 1954• <br />The premium, accrued and capitalized interest received from such sale shall <br />be transferred to the Bond Retirement Fund to be applied to the payment of the <br />principa,l and interest of said bonds, in the manner provided by law. <br />Section 8. The Clerk of Council is hereby authorized and directed to certify a <br />? copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. <br />Section 9, This ordinance is hereby decla,red to be a.n emergency measure <br />necessary for the preservation of the public peace, welfaxe and safety of this <br />' City, and for the further reason that the notes of this C3ty issued for these <br />improvements are about to mature and must be retired with the proceeds of the <br />bonds authorized herein in order to protect the credit of this City; wherefore, <br />this ordina,nce sha11 take effect and be in force i.mmediately upon its passage and <br />signature by the Mayor. <br />PASSED : 1970 <br />? <br />ATTEST; <br />Nora T. Hill, Clerk of Council <br />APPRoVED: C? j7 ? <br /> <br />, L..: Y, R r <br />v <br />e <br />Ra1ph T. Christman, M,ayor <br />le . ? <br />? <br />/