72-024 Ordinance - Laserfiche WebLink

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',T-.t T - 2 - Section 5. Such notes shall. be signed and bear the seal of the corporation. They funds of the Uhited States of Aanerica at th of Cleveland, Cleveland, Ohio, and shall e which they are issued and that they are is by the Mayor and Director of Finance shall be payable in Federal Reserve e main office of The rational. City Bank xpress upon their face the purpose for sued pursuant to this ordinance. Section 6. Subject to the red action of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes shall be sold by the Direc- tor of Finatace at private sale at an interest rate not in excess of that specified in Section 4. The proceeds from such sale, except any preaiam and accrued inter- est, shall. be paid into the proper fund and used for the ptxrpc+se aforesaid and for no other purpose. Arty premitmm and accrued interest shall be deposited in the Bond Retirement Fund. The City covenants that the proceeds of said notes shall not be invested or used in such manner that any of said notes would be "arbitrage bonds" for purposes of Section 103(d)(1) of the Internal Revenue Code of 195+. Section 7. Said notes shall be the fu11 general obligations of the City and the full faith, credit and revenue of said City are hereby pledged for the prompt pa~rment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess Bands resulting Exam the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the year or years chile such notes run there shall. be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued therefor without the prior issue of said notes; provided, howevex, that the amount of such tea shall be reduced to the extent that starplus earnings of the sanitary 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 ex- tended 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 and distinct fund, which, together with the interest collected on the same, shalt 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 fa11a due. Section g. The Clerk is hereby directed to forward a certified 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, welfare and safety of this City, and for the further reason that the itnmaediate issuance and sale of the notes herein authorized is necessary to provide funds with which to retire presently aut- standing notes which are about to mature and thereby protect the credit of this City; wrherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Mayor. PASSED : ~`-~-`~~ ATTEST : G/~-t~ ~.~~ tore T. , er o ounc APPROVED: ~./~S~~~I /~ G. ~'~t p an, Mayor ~~ '4v~ ranc s e , es ~ o Cozen