71-086 Ordinance - Laserfiche WebLink

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~. ~~~~.~ - 2 - Section 7. Said notes shall be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the wane. The par value to be received from the sale of the bonds anticipated by said notes and any excess funds resulting from 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 are hereby pledged for such purpose. Section 8. 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 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 from said tax levies 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 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 9. 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 performed in regular and due form as required by law and that no limitation of indebtedness or taxation, either statutory or constitutional will have been exceeded in the issuance of said notes. The Mayor be and he is hereby directed to exercise the aforesaid option and to close such transaction as expeditiously as possible so that such real estate will be avail- able for use at the earliest possible date and therefore any proceeds of this issue will be invested only for a temporary period pending need to pay costs of such real estate. The City of North Olmsted covenants that proceeds of said notes shall not be invested or used in such manner that said notes would be "arbitrage bonds" for purposes of Section 103(d)(1) of the Internal Revenue Code of 1954• Section I0. The Clerk of Council is hereby authorized and directed to for- ward a certified copy of this ordinance to the County Auditor of Cuyahoga County. Section 11. 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 provide funds with which to exercise the option which is about to expire and provide a site for the urgently required general hospital; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Mayor. PASSED: °S~-.r, 1971 ATTEST: f Nora T. Hill, Clerk of Council APPROVED : ~ ~ f''17/ Ralph/E. Christman, Mayor ~.~'~ o~ Francis J. O'Neil P silent of Council ~..~ ~:.. r-.~~- 7/