1970 052 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 70-52 Page 2 property in said Village of Mayfield, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay interest upon said bonds as and when the same falls due and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall be not less than the interest and sinking fund tax required by Article XII, Section 11, of the Constitution of Ohio, and shall be outside of the limitations of Sectigl• 2 of said Article. Section 5. Said tax shall be and is hereby ordered computed, certi- fied, 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 thereby required shall be placed in a separate and distinct fund, which together with all inter- est collected on the same, shall be irrevocably pledged for the payment of the interest. and principal of said binds when and as the same fall due. Section 6. That said bonds shall be first offered at par and accrued interest to the officer in charge of said fund, and if said officer refuses to take any or all of the bonds, the bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose; the premium and accrued interest receive' from said sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds in the manner provided by law. Section 7. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing of these bonds in order to make them legal, valid and binding obligations of said Village have happened, been done and performed in regular and due form as required by lava; that the faith, credit and revenue of said Village are hereby irrevocably pledged for the prompt payment of the principal and interest thereon at maturity; and that no limitation of indebtedness or taxation, either statutory or con- stitutional, has been exceeded in issuing these bonds. Section 8. Since the permanent improvement for which said bonds are to be issued is urgently needed, the Mayor is hereby directed to proceed with all dispatch to secure completion as promptly as is feasable and it is expected that same will be completed and that any proceeds of this issue shall be invested or deposited only for a temporary period pending need for expenditures to pay costs of such improvement'.. The Village convenants that the proceeds of said bonds shall not be invested or used in such manner that any of said bonds would be arbitrage bonds for purposes of Section 103(d)(1) of the Internal Reveaue Code of 1954. Section 9. The Clerk-Treasurer is hereby directed to forward a cer- tified copy of this Ordinance to the County Auditor.