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Y <br />~ ~ ~:~h~ <br />R <br />- ` - <br />Section 5. Said tax sha1.1. be and is hereby ordered computed, certified, <br />levied and extended upon the tax da~slicate and collected by the same officers, <br />in the seine manner and at the same time that taxes for general purposes for each <br />of said years are certified, extead~ed ar~d cal7.ected. Said tax shall be placed <br />before and in preference to all other items and for the full a~uttt thereof. <br />The funds derived from said tax levy hereby required shall be placed in a separate <br />and distinct fund, which, together with the interest collected on the same shall. <br />be irrevocably pledged Por the payment of principal and interest pan said boods <br />when and as the same fall due. <br />Sects 6. Said bonds shall be first offered at par and accrued interest <br />to the ot"Plcer in charge of the pond Retirement Ind in his official capacity, <br />and if said officer refer to tape any or all of said beds, then said bonds <br />not so taken shall be advised for public sale and sold in the amasser provided <br />by law. The proceeds fx~ the sale of said bond, except the gremiusn, accrued <br />interest thereon arsd capitalized interest, sha11 be used for the use afore- <br />said and for no other gurpose assd be a11®cated to the improvesaant herein <br />described. The Council of the City of Wirth Almateel. covenssats that proceeds of <br />said bonds shalt not be invested or used in a~th manner that a~sy of said bonds <br />would be "arbitrage bonds" for purposes of Section lU3(d)(1) of the Iatarnal <br />Revenue Code of 1954. <br />The premium, accrued and capitalised interest received from such sale shall <br />be transferred to the Bond Retirt 1~`und to be applied to the payment of the <br />principal and interest of said bands, in the manner provided 'try law, <br />Section 7. The Clerk of Council is h ereby authorized and directed to <br />certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according <br />to law. <br />Section 8. This ordinance is hereby declared to be an emergency measure <br />necessary for the preservation of the public peace, welfare and safety of this <br />City, and for the further reason that the notes of this City issued far this <br />improvement are about to mature and must be retired with the proceeds of the <br />bonds authorized herein in order to protect the credit of this City'; wherefore, <br />this ordinance shall take effect and be in force i ately upon its passage <br />and signature by the Mayor. <br />PASSED : ~' , 19'T~- <br />ATTEST: <br />er o Count <br />arPxovvsoo: !o ~~7L <br />r <br />.__._ <br />Pres uhc <br /> <br />