Laserfiche WebLink
-2 - <br /> <br /> Section 5. ~lat such notes shall be executed by th~'Mayor and <br />Director of Finance and bear thc seal of the corporation. They shall be <br />payable at the main office of Society National Ba~[ of Cleveland, Cleveland,-" <br />Ohio, and shall express upon their faces the purpose for ~ch they are <br />issued and that they are issued pursum~t to this ordinance. <br /> <br /> Section 6. That all assessments collected for the improvement <br />aforesaid, and any unexpendcd balance remaining in the improvement fund <br />ai~ter the costs and expenses of said improvements have been paid, shall be <br />applied to the payment of said notes and the interest thereon'until both <br />are fully provided for. <br /> <br /> Section 7. That subject to the rejection of said notes by the <br />Director of Finance for investment in the Bond Retirement Fund, said notes <br />shall be and are hereby awarded and sold to Society National Bank of Cleve- <br />land, Cleveland, Ohio, at not less than Par value thereof; and the Director <br />of Finance is hereby authorized and directed to deliver said notes, when <br />executed, to the purchaser upon payment of such purchase price. The pro- <br />ceeds of such sale shall be paid into the proper fund and used for the <br />purpose for which said notes are being issued under the provisions of this <br />ordinance. <br /> <br /> Section 8. That said notes shall 'be the full general obligation <br />of the City of Lakewood and the full faith, credit and revenue of said City <br />are hereby pledged for the prompt payment of the same. ~The par value to <br />be received from the sale of~e bonds anticipated by said notes and any <br />excess funds resulting from the issuance of said notes shall to the extent <br />necessary be used only for the retirement of said notes at maturity, to- <br />getherwith interest thereon, and is hereby pledged for such purpose. <br /> <br /> Section 9. That in the event that such assessments are not levied <br />or bonds are not issued, to provide a fund for the payment of said notes at <br />maturity, a general tax shall be levied against all of the property in said <br />City for the payment of such notes and the interest thereon; provided, however, <br />that during the year or years while such notes run there shall be levied on <br />all the~axable property in said City, i~ addition to all other taxes, a direct <br />tax annually not less than that which would have been levied for the City's <br />portion of said notes, if bonds had been issued therefor without the prior <br />issue of said notes. <br /> <br /> Said tax shall be and is hereby ordered computed, certified, levied <br />a~d extended upon the tax duplicate and collected by the same officers, in <br />the same manner and at the same time that taxes for general purposes for each <br />of said years are certified, extended and collected. Said tax shall be <br />placed before and in preference to all other items and for the full amount <br />thereof. The funds derived from said tax levies hereby required shall be <br />placed in a separate and distinct fund, which, together with the interest <br />collected on the same, shall be irrevocably pledged for the Payment of the <br />principal and interest of said notes or the bonds in anticipation of which <br />they are issued when and as the same fall due. <br /> <br /> Section 10. That the Clerk of this Council is hereby directed to <br />forward a certified copy of this ordinance to the County Auditor. <br /> <br />Section 11. That this ordinance, having been declared to be an <br />emergency measure, shall be in Full force and effect from and immediately <br />after, its Passage and approval by the Mayor. . ~ <br /> <br /> ~lerk of Council / <br /> <br /> Mayor <br /> <br /> <br />