71-169 Ordinance - Laserfiche WebLink

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~;° +~ s ~' 7~~~G p for which they axe issued and that they are issued peursuant to this ordinance. 3irtAd acates shall be in such and dem,osinatian as be requested by the purrchaser 'and may be payable in l~+ederal. Reserve fbads of the United States of America ii' requested by the purchaser. Section 5. Subject to the refection of such notes by the Director of Finaaace for investment in the Bond 1~etirameat Finatd, such Hates shall. be sold by the Director of Finance at private sale at an interest rate not exceeding that set forth in Section ~ and for not less than par and accrued iat~ersst. The proceeds fra~n such sale, eaxcept ~` premium and accrued interest, steal]. be paid into the proper fund and used for the purpose aforesaid and for ao other purpose. Any premium and eacxued interest shall be deposited in the Bawd ~tire0ent Fund. The City covenants that the proceeds of said notes shall. not be inv+esteid or used in such manner that any of said notes would be "a~bitr$ge bonds" for purposes of Section 103 (d)(1) of the Internal Revenue Code of 195. Section 6. Said notes shall be the full genera]. obligation of the City and the full faith, credit and rev+ern~e of such City are hereby pledged for the prompt psym~ent oP the same. The par value to be received from the sale of the bonds anticipated by said notes and any'e~xcess funds resulting from the issuance of said notes shall. to the extent necressary be used only for the retit*ameat of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. During tlade year ar years such notes run there shall be levied on all the taxable property in the City of Noarth Olmsted in addition to B.U. other taxes, a direct tax annually not less than that which would have been ]:etvied if bonds had been issued without the prior issue of such notes; pronrided, that the amount of such tax shall be reda~ed to the extent that surplus earnings of the sewerage system shall be a~lilable and appropriated for the payment of interest and principal of such cotes oar of the bends anticipated thereby. Said tax shall be and is hereby ordered computed, certified, levied and ex- tended upon the tax duplicate ate. collected by the same officers, in the manner and at the same time that taxes for general purposes for each of said;yee are certified, extended nand collected. Said tax shall be placed before and in preference to at1 other items and, for the fu]1 amcruat thereof. The ftmds derived from said tax levies hereby requ~3.red shall. be: placed in a separate and distinct fund, which, together with the interest collected on the same, shat.]. be irrevoQably pledged for the payment of the principal and interest oP said ante 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 ease legal., valid and binding olil3gations of the City of Forth Olmsted have happened, bemsl dome and performed is regular cad due form as required by law and that no limitation of indebtedness oar taxation, either statutory oar constitutional will h$ve been exceeded in the issuance of said notes. Section 9. The Clerk of Council is hereby authorized and directed to forward a certified espy of this ordinance to the County Auditor of Cuyahoga County. Section 10. 'Iiiis ordinance is hereby declared to be an emmergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the: fhrther reason that the immediate issuance and sale of the notes herein authorized is necessary to provide Rinds with which to retire pxese.ntly outstanding notes and thereby parotect the credit of this City; wherefore, this ordinance shall taken effect and be in force iroammediate]y upon its passage and ap- proval by the Mayor. Passed: _/~~~~~i~_, 1971 Attest: A ~ ~ ~~ ,~~ Nora , e cunc Francis J. 0 , aamcil Approved: /.~- 7 T s , r