1968 1067 Ordinance - Laserfiche WebLink

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U9 (3) as and when the same falls due, and also to provide a fund for the dis- charge of the principal of said serial bonds at maturity, cahich tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. Said tax shall be and is hereby ordered, computed, certified, levied and extended upon the tax duplicate and collected by 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 fund, together caith interest collected on the same, which shall be ir- revocably pledged for the payment of principal and interest of said bonds when and as the same shall fall due, provided, however, that in each year that the assessments anticipated by said bonds are payable and are ap- plicable to the payment of such interest and principal and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessment so appropriated. Section 9. The Village Clerk-Treasurer is hereby directed to forward a certified copy of this Ordinance to the Cuyahoga County Auditor. Section 10. This Ordinance is deemed to be an emergency measure, necessary for the immediate preservation of the public peace, health and safety for the reason that the proceeds of the sale of said bonds are im- mediately needed to retire an outstanding note of the Village about to become due and payable, and thereby preserve the credit of this Village. This Ordinance shall therefore be in full force and effect immediately upon its passage as an emergency measure. Passed this 17th day of June, 1968. r~ ATTEST: ~ M~]GOR - PRESIDENT OF COUNCIL (S~ CLERK-T EASURER '