70-181 Ordinance - Laserfiche WebLink

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. ~, ~~ / ~~~~1 - 2 - Section 5. Sub~eet to the refection of such notes by the Director of Finance for i,nvestanent in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at aa1 interest rate not exceeding that set forth in Section ~+ and for not less than par and accrued interest. The proceeds frnen such sale, except any premium and accrued interest, sha11 be paid into the proper fund and used for the purpose aforesaid and For no other purpose. Ater premium and accrued interest shall be deposited in the Bartd 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)(l) of the Internal Revenue Code of 1954. Section 6. Said notes shall. be the full general obligation of the City and the full faith, credit and revue of shah City are hereby pledged for the prompt payment of the same. The par value to be received frca- the sale of the bonds anticipated by said notes and any excess hands resulting Pram the issuance of said n©tes shall to the exte~ab s~sesaary be used only for the retirement of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. section 7. 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 direst tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such notes; provided, that the amount of such tax shall be reduced to the extent that surplus earnings of the 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 axe certified, extended and collected. Said tax shall be p].ased before and in preference to all other items and For the full amount thereof. The foods derived from said tax levies hereby required shall be placed in a sepax'ate and distinct fund, which, together with the interest collected on the semi, shall be irrevocably pledged for the payment of the principal and interest of said note or the bands in anticipation of which it is-issued, when and as the same fall due. Section 8. It is hereby detaamined 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 con- stitutional will have been exceeded in the issuance of said notes. Section 9. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance to the County Auditor of Cuyahoga County. Section 10. This ordinance is hereby declared to be an urgency 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 retire a px~sently outstanding Hate and thereby protest the credit of this City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Mayor. Passed: ~~`~,,, ~ , / , 1970 Attest: 1, [ 4 .~,~c-~ Noxa T. Hi , C er o Counc Francis J. 0 e , s en o C Approved: ' ~ ~ ~? ~? B. Chris ,Mayor ~~.-"~ /.~- 9-7a