1975 013 Ordinance - Laserfiche WebLink

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Section 5. The proceeds from the sale of such notes shall be paid into the proper fund and shall be expended for the purpose for which said notes are issued; pro- vided, however, that the premium and accrued interest, if any, shall be placed to the credit of the bond retirement fund to be applied to the payment of the principal and interest of said notes as provided by law. Section 6. Said notes shall be the full general obligations of the Village, and the full faith, credit and revenue of said Village are hereby piedged for the prompt payment of the principal and interest of said notes when and as the same fall due. Section 7. The par value received from the sale of the bonds anticipated by said notes and any unexpended balance remaining iu the improvement fund after the improvement has been completed shall, to the extent necessary, be used only for the retirement of said notes at maturity, and for the payment of interest thereon, and such monies are hereby pledged for that purpose. Section 8. In the event 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 ad valorem tax sha11 be levied against all of the taxable property in the Village for the payment of said notes and interest thereon; provided, that during the year while such notes run there shall be levied on all the taxable property in said Village in addition to other taxes, a direct tax annually not less than that which would.have been levied for the Village's portion of said note if bonds had been issued therefor without the prior issue of said note or notes. Said tax is hereby ordered computed, certified, levied and expended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes fpr 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 bonds in anticipation of which they are issued when and as the same falls due. Section 9. The Clerk oE Council is hereby authorized and directed to certify a copy of this ordinance to the County Auditor. Section 10. This ordinance is hereby declared to be an emergency measure, necessary for the preservation of the public peace, health and safety, and for the further reason that it is necessary to provide funds for the payment of the installa- tion of an eight-inch water main, hydrants and appurtenances thereto on Echo Drive, wherefore, this ordinance shall take effect and be in force inmediately upon its passage. Passed this day of OF -Z- i e.,.,,-...,o.t •