33-80 special assessments - property owners portion improve streets

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- 3- of the City, to give an_appropriate certificate of the City, for inclusion in the transcript of proceedings, setting forth the reasonable expectations of the City regarding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the date of delivery and payment for said notes. Section 7. Ail assessments collected for the improvement afore- said, 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 payment of said notes and the interest thereon until both are fully provided for. 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 ~he retirement of said notes at maturity, together with in- terest thereon, and are hereby pledged for such purpose. Section 9. In the even.t 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 property in said City for the payment of such notes and the interest thereon; provided, how- ever, that during the year or years while such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said notes if bonds had been issued therefor without the prior issue of said notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same offi- cers, in the same manner and at the same time that taxes for general pur- poses 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 notes or the notes in anticipation, of which they are issued when and as the same fall due. Section 10. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing of said notes, in order to make them legal, valid and binding obligations of the City of Lakewood, have happened, been done and performed in regular and due form and as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 12. 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 pub%lc, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code.