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-3- <br /> <br /> Section 4~ For thc purpose of providing the necessary funds to .... <br /> pay the interest on the foregoing issue of bonds promptly when and as the ..... <br /> same falls due, and also to provide a Fund sufficient to discharge the <br /> said serial bonds at maturity, there shall be and is hereby levied on all <br /> the taxable property in the City of I~zkewood, in addition to all other , <br /> taxes, a direct tax annually during the period said bonds are to run in <br /> an amount sufficient to provide funds to pay the interest upon said bonds <br /> as and when the same fall due, and also to provide a Fund for the discharge <br /> of the' principal of said serial bonds at maturity, which tax shall not be <br /> less than the interest and sinking fund tax requir ed by Section ll of Article <br /> XTI of the Constitution of Ohio; provided, however, that in each year to the <br /> extent that the assessments anticipated by said bonds are available for the <br /> pa0rment of such bonds and are appropriated for such purpose, the amount of <br /> such tax shall be reduced by the amount of the assessments so appropriated. <br /> <br /> Section 5. Said tax shall be and is hereby ordered computed, <br /> certified, levied and extended upon the tax duplicate smd collected by the <br /> same officers, in the same manner and at the same time that taxes for generaA <br /> purposes for each of said years are certified, extended and collected. Said <br /> tax shall be placed before and in preference to all other items and for the <br /> lhzll amount thereof. The funds derived from said tax levy hereby required <br /> shall be placed in a separate and distinct Fund, which, together with the <br /> interest collected on the same ~hall be irrevocably pledged for the payment <br /> of principal and interest on said bonds when and as the same fall due. <br /> <br /> Section 6. Said bonds shall be first offered at par and accrued <br />interest to the Director of Finance as officer in charge of the Bond Retire- <br />ment Fund in his official capacity, and if said officer refuses to take any <br />or all of said bonds, then said bonds not so t~ken shall be advertised for <br />public sale and sold in the manner provided by law. The proceeds from the <br />sale of said bonds, exCept.the premium, accrued interest thereon and capi- <br />talized interest, shall be-used for the purpose aforesaid and for no other <br />purpose and be allocated to the improvement herein described. The premium and <br />accrued interest received from such sale shall be transferred to the Bond <br />.Retirement Fund to be applied to the payment of the principal and interest <br /> of said bonds, in the m~nner provided by law. <br /> <br /> Section 7. 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 /> <br /> Section 8. That this ordinance, having been declared to be an <br />emergency measure, shall De in full force and effect from and immediately <br />after its passage and approval by the Mayor. <br /> <br />Passed: <br /> <br />Approve~: <br /> <br />July 21, 1969 <br /> <br />July 21, 1969 <br /> <br /> ~ President of Council / <br /> <br />~ "i ' 'Clerk of ~,6uncil <br />lq~or <br /> <br /> <br />