1982 008 Ordinance - Laserfiche WebLink

Home Browse Search

- 3 - Section 8. All assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of such improvement have been paid, sha1Z be applied to the payment of such note and the interest thereon until both are fully provided for. In the event that assessments are not collected or bonds are not issued to provide a fund for the payment of such note at maturity, there shall be levied on all the taxable property in Mayfield Village, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such note. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected b}? 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 note or the bonds in anticipation of which it is issued, when and as the same fall due. Section 9. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said note, in order to make it a legal, valid and binding obligation of Mayfield Village, 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 note. Section 10. The Clerk of Council is hereby authorized and 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. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the Village and for the further reason that the immediate issuance and sale of tthe note herein authorized is necessary to enable the Village to retire its existing indebtedness and thereby protect its good cxedit; wherefore, this ordinance shall be in full force and effect from and iuIInediately