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Slid tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers, in the <br />same manner and at thc same time that taxes for general purposes for e&ch of <br />said years are certified, extended and collected. Said tax shall be placed <br />before and in preference to all other items and for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund, ~nich together ~ith all interest collected on the <br />same, shall be irrevocably ple~Eed for the payment of the interest and principal <br />of said bonds when and as the same fall due.. <br /> <br /> SECTION 5. That all installments of said assessments and all portions <br />thereof, together with interest thereon, shsdl be applied to the payment of <br />said bonds and interest as the same shall become due and to no Other purpose <br />whatsoever. <br /> <br /> SECTIO~I 6. That sa~d bonds shall be first offered at par and <br />accrued interest to the officer in charge of the Bond Retirement Fund in his <br />official c~pacity, and if said officer refuses to take any or all of said <br />bonds, then said bonds not so taken shall be ~dvertised for public sale and <br />sold in the manner provided by law. The proceeds from the sale of said bonds, <br />except the premium and accrued interest thereon, shall be used for the purpose <br />for which said bonds are issued and for no other purpose; the oremium and <br />accrued interest received from such sale shall be transferred %o the Bond <br />Retirement Fund to be applied to the payment of the principal and interest of <br />said bonds in the manner provided by law. <br /> <br /> SECTION 7. As heretofore described, all proceeds of this issue <br />of bonds are required for retirement of the note previously issued and <br />maturing on ~y 28, 1972~ and all proceeds of such prior notes have been <br />expended to pay costs of the above-described improvement or to reduce the <br />principal amount of such notes. The City covenants that proceeds of said <br />bonds shall not be invested or used in such :manner that any of said bonds would <br />be "arbitrage bonds" forpurposes of Section 103(d)(1) of the Internal Revenue <br />Code of 1954. " <br /> <br /> SECTION 8. That the Clerk of this Council is hereby authorized and <br />directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, <br />Ohio, according to law. <br /> <br /> SECTION 9. It is ~ereby determined that all acts, conditions and <br />things necessary to be done precedent to and in and for th~ issuing of said <br />bonds in order to make them legal, valid and binding obligations of the City <br />have been performed in regular and due form sm required by law; that the full <br />faith, credit and revenue of said City shall be and are hereby irrevocably <br />pledged for the prompt payment of the principal and interest thereof at <br />maturity; and that no limitation of indebtedness or taxation, either statutory <br />or constitutional, will be exceeded in issuing said bonds. <br /> <br /> SECTION 10. This ordinance, having been declared to be au emergency <br />measure, shall be in full force and effect from and immediately after its <br />passage and approval by the ~,~yor. <br /> <br />Passed: <br /> <br />Clerk of Codicil <br /> <br /> <br />