41-78 Bonds for constructing storm & sanitary sewers together

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-3- Section 6. Said tax shall be and is hereby ordered computed, cer- tified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference tO all other items and for the full amount thereof. The funds derived from said tax leVies hereby required shall be placed 'in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said bonds when and as the same fall due. Section 7. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in and for the issuing of such bonds in orde~ to make them legal, valid and binding obligations of this City, have been performed in regular and due form as required by law; that the full faith, credit and revenue of this City shall be and are hereby ir- revocably pleged for the prompt'payment of the principal and interest there- of at maturity; and that no limitation of indebtedness of taxation, either statutory or constitutional, will be exceeded in issuing such bonds. Section 8. The Director of Finance is hereby authorized and di- rected to publish the notice of sale of these bonds in the manner required by Section 133.36, Ohio Revised Code, and also to publish a notice of sale one time in the Daily Bond Buyer. The Director of Finance is also authorized and directed to secure a rating for these bonds from Moody's Investors Service, Inc. and if he deems it advisable also from Standard & Poor's Cor- poration. Section 9. The Official Statement of this City relating to the original issuance of the bonds substantially in the form now on file with the Clerk of Council is hereby approved and the Mayor and the Director of Finance are each hereby authorized and directed to complete and execute, on behalf of the City and in their official capacities, such Official Statement, with such modifications, changes and supplements as are necessary or desirable for the purposes thereof as such officers shall approve. Such officers are authorized to use and distribute, or authorize, the use and distribution of, the Official Statement and any supplements thereto as so executed in connection with the original issuance of the bonds, and are each authorized and directed tc advise the original purchaservor purchasers of the bonds in writing regard- ing limitations on the use of the Official Statement and any supplements thereto for purposes of marketing or reoffering such bonds as necessary or appropriate to protect the interests of the City. The Mayor, Director of Finance and Clerk of. Council are each authorized to execute and deliver, on behalf of this City and in their official capacities~ such certificates in connection with accuracy of the Official Statement and any supplements thereto as may, in their judgment, be necessary or appropriate. 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 including Section 121.22 of the Ohio Revised Code. Section 12. That this ordinance, having been declared to be an emergency measure, shall be in full force and effect from and immediately after its passage and approval by the Mayor. ~ ~ ,/ Clerk 9~ Council /' "/' ' yor '