78-088 Ordinance - Laserfiche WebLink

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? - 2 - Section 5. Such notes shall be executed by the Ma.yor 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 express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the pay- ment of said notes and the interest thereon until both are fully provided for. Section 7. Said notes shall first be offered to the officer in charge of the Bond Retirement Fund for investment in such fund, and if not taken by such fund, shall be sold at private sale by the Director of Finance at not less than par and accrued interest and at a rate not exceeding that set forth in Section 4. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance. The City hereby covenants that it will restrict the use of the pro- ceeds of the notes in such manner and to such extent, if any, as may be nec- essary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute 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 ap- propriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reason- able expectations pertaining to said Section 103(c) and regulations thereunder. Section 8. Said notes shall be the full general obligations of the City and the full faith, credit and revenue of said 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 said notes and any excess funds resulting from the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with the interest thereon, and is hereby pledged for such purpose. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the taxable property in said City for the payment of such notes and the interest thereon. Section 10. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11. 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 requirements in- cluding Section 121.22 of the Ohio Revised Code. Section 12. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare of said City and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds to retire