36-09 Repeal Ord 21-09 - Laserfiche WebLink

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Notes must be deposited in the proper fund or funds and used to pay, or reimburse the City for, the Projects and those Financing Costs. (c) The remainder of the proceeds must be paid into the proper fund or funds and used, together with other money of the,City available for the purpose, to retire the Outstanding Notes at their maturity. Section 11. Security and Sources of Payment. The Notes will be general obligations of the City. (a) This Council pledges to the payment of Debt Service on the Notes the full faith and credit of the City including, without limitation: (1) The general taxing power of the City, including the power to levy taxes within the ten-mill limitation, as defined in Section 5705.02, Revised Code. (2) The special assessments levied to pay costs of the Sidewalk Project. (3) The proceeds to be received from the sale. of any notes issued to refund or renew the Notes and of the Bonds in anticipation of which the Notes are issued. (4) Any money remaining from the sale of the Notes after the payment of the Financing Costs of the Notes and not required to refund the Outstanding Notes. (b) The Debt Service on the Notes must be paid at their maturity from any of the amounts set forth above pledged to their payment, or any funds of the City otherwise available for their payment. (c) During the years while the Notes are outstanding, there will be levied on all the taxable property in the City, in addition to all other taxes, a direct tax annually, subject to tax limitations, not less than the tax that would have been levied had the Bonds been issued without the prior issue of the Notes. The tax must be and is ordered to be computed, certified, levied, and extended upon the tax list and collected by the same officers, in the same manner, and at the same time that taxes for general purposes for each of those years are computed, certified, levied, extended, and collected. The tax must be placed before and in preference to all other items and for its full amount. The money derived from that tax levy must be placed in the Bond Retirement Fund of the City and is irrevocably pledged for the payment of the Debt Service on the Notes, when and as that Debt Service falls due. If any of the following amounts are available for the payment of the Notes and are appropriated for that purpose, the amount of the tax levy in each year must be reduced by the amount available and appropriated: (1) The special assessments levied to pay the costs of the Sidewalk Project. (2) Any surplus in the Bond Retirement Fund.