Laserfiche WebLink
Section 5. Assessment of Costs of the Project. After said improvements are completed and <br />the costs thereof ascertained, Council shall by ordinance assess upon the benefited property, in the <br />manner provided in the legislation referring to said improvements and heretofore adopted by this <br />Council, the entire cost and expense thereof, except the portion to be paid by the City in accordance with <br />the applicable provisions of the Ohio Revised Code and the City Charter, and shall authorize the issuance <br />of the Bonds under the applicable provisions of the Ohio Revised Code and the City Charter. <br />All assessments collected for the improvements and the unexpended balances remaining in the <br />special improvement fund after the cost and expense of the improvements have been paid, shall be <br />applied to the payment of principal of and interest on the Notes, and then to the payment of principal of <br />and interest on the Bonds. <br />Section 6. Terms of the Notes; Certificate of Fiscal Officer Relating to Terms of Notes. Such <br />anticipatory notes (the "Notes ") shall be in the amount of not to exceed $704,000, which sum does not <br />exceed the amount of the Bonds. The Notes shall be dated the date established by the Director of Finance <br />and certified to this Council and shall mature on such date as shall be determined by the Director of Finance <br />and certified to this Council, provided that such date shall not be later than one year after the date of <br />issuance of the Notes. The Notes shall be issued as fully registered notes in book entry form only, in such <br />denominations as shall be determined by the Director of Finance, but not exceeding the principal amount <br />of Notes maturing on any one date and shall be numbered as determined by the Director of Finance. The <br />Notes shall be issued as fully registered notes in book -entry form in denominations of $100,000 or any <br />integral multiple of $1,000 in excess thereof. Coupons shall not be attached to the Notes. The Notes <br />shall be sold in a transaction exempt from the requirements of Ride 15c2 -12 of the United States <br />Securities and Exchange Commission. <br />The Director of Finance is authorized and directed to execute a Certificate of Fiscal Officer <br />Relating to Terms of Notes (the "Certificate of Fiscal Officer ") setting forth the final terms of the Notes, <br />consistent with the requirements of this Ordinance, and to present the same to this Council after closing. <br />Section 7. General Obligation Pledge. The Notes shall be the fill general obligation of the <br />City, and the full faith, credit and revenue of the City are hereby pledged for the prompt payment of the <br />same. The par value to be received from the sale of the Bonds and any excess funds resulting from the <br />issuance of the Notes shall, to the extent necessary, be used only for the retirement of the Notes at maturity <br />and are hereby pledged for such purpose. The Notes may be issued in one or more series. <br />Section 8. Debt Service Levy. In the event that the special assessments are not levied or the <br />Bonds are not issued to provide a fund for the payment of the Notes at maturity, there shall be levied <br />annually on all the taxable property in the City, in addition to all other taxes and inside the ten mill <br />limitation, a direct tax (the "Debt Service Levy ") for each year during which any of the Notes are <br />outstanding, in an amount not less than that which would have been levied if the Bonds had been issued <br />without the prior issuance of the Notes, for the purpose of providing, and in an amount which is sufficient to <br />provide, funds to pay interest upon the Notes as and when the same falls due and to provide a fiord for the <br />repayment of the principal of the Notes at maturity or upon redemption. The Debt Service Levy shall not be <br />less than the interest and sinking fund tax required by Article XII, Section I 1 of the Ohio Constitution. <br />The Debt Service Levy shall be and is hereby ordered computed, certified, levied and extended <br />upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that <br />taxes for general purposes for each of such years are certified, extended and collected. The Debt Service <br />Levy shall be placed before and in preference to all other items and for the fill amount thereof. The <br />funds derived from the Debt Service Levy shall be placed in a separate and distinct fund, which shall be <br />98985230 2 <br />