1965 911 Ordinance - Laserfiche WebLink

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Sec. 6. Said note shall be first offered to the Treasurer as officer in charge of the Bond Retirement Fund, and so much oP the same as shall not be taken by said fund shall be sold at private sale by the Village Clerk for not less than par and accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon ( and the amou¢t thereof necessary for the payment of interest prior to the maturity of said note), shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby appropriated. Any premium and accrued interest ( and the amount ttecessary Eor the payment of interest prior to their maturity) shall be transferred to the Bond Retirement Fund to be applied in the payment of principal and interest of said note in the manner provided by law. Sec. 7. Said note shall be the full general obligation of the Village and the full £aith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale o£ the bonds anticipated by said note and any excess f und resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Sec. 8. During the year or years while such note runs, there shall be levied on all the taxable property in said Village, in addition to all other taxes, a direct tax annually not less than that cahich would have been levi.ed if bonds had been iasued therefor without the prior issue of said note. Said tax shall be and is hereby ordered computed, certified, levied and estimated 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 Eor 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 Eor 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 falls due. Sec. 9. The Village Clerk is hereby directed to forward a certified copy of this ordinance to the County puditor. Sec. 10. Ordinance No. 9100 passed August 16, 1965, is hereby repealed. Sec. 11. This ordinance is hereby determined to be an emergettcy measure, necessary for the immediate preservation of tlie public peace, health and safety of such Village by reason of the fact that it is necessary to complete said improvement during the present season, and said ordinance shall go into immediate effect upon its passage. Passed this Sth day of September , 1965. Attest: ? Mayor - President of Council u ? - (S?,) - lerk