72-196 Ordinance - Laserfiche WebLink

Home Browse Search

7a-i9~ -3- Section 7. During the year or years such notes run there shall be levied on all the taxable property in the City of North Olmsted 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 notes; provided, that the amount of such tax shall be reduced to the extent that surplus earnings of the sewerage system shall be available and appropriated for the payment of interest and principal of such notes or of the bonds anticipated thereby. 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 frarn said tax levies hereby required shall be pla,eed in a separate and distinct fund, which, to- gether 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 8. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said notes in order to make the same legal, valid and binding obligations of the City of North Olmsted have happened, been done and perfoxmed in regular and due form as required by law and that no limi- tation of indebtedness or taxation, either statutory or constitutional will have been exceeded in the issuance of said notes. Section 9. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance to the County Auditor of Cuyahoga County. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to pro- vide funds with which to retire presently outstanding notes and thereby protect the credit of this City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by t$e Mayor. Passed: ~E~G~~~.5~ , 1972 Attest: ~ ~ t O-.~,.L C~ecro Nora T. Hi , C erk of Council Francis J. 0 ei , s den of ounci Approved : - s.~s~~7 y G~ p L . s ,Mayor I_