71-093 Ordinance - Laserfiche WebLink

Home Browse Search

i 'W, City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and then the same fa11 due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 1]. of Article XII of the Constitution of Ohio. Section 5. 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 axe 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 levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Ft~.d in his official. capacity, and if said officer refuses to take any or all of said beds, then said bonds not so taken shall be advertised for public sale and sold in the mariner pro- vided by law. The proceeds from the sale of said bonds, except the premium, accrued interest thereon and capitalized interest, shall. be used for the purpose aforesaid and for no other purpose and be allocated to the improvement herein described. The Council of the City of Ne~rth Olmsted covenants that proceeds of said bonds shall. not be invested or used in such manner that any of said bonds would be "arbitrage bonds" for purposes of Section 103(d)(1) of the Internal Revenue Code of 195+. The premium, accrued and capitalized interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said .bonds, in the manner provided by law. Section 7. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. This ordinance is hereby declared to be an emergent necessary for the preservation of the public peace, welfare and safe City, and for the further reason that the notes of this City issued improvement are about to mature and must be retired with the proce bonds authorized herein in order to protect the credit of this City; this ordinance shall take effect and be in force immediately upon it and signature by the Mayor. PASSED: J~ ~ 1971 f,, '~ ATTEST C1er o Counci APPROVED : ~o~iS/7~ . Mayor - 2 - y measure ty of this for this ads of the wherefore, s passage ,.,_.: E_