70-147 Ordinance - Laserfiche WebLink

Home Browse Search

~ `~ - 2 - 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 direct tax annualt.y not less than that which would have been levied if bonds had been issued without the prior issue of such notes. 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 tame 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 notes or the bonds in anticipation of which they are 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 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 statu- tory or constitutional, will have been exceeded in the issuance of said notes. Section g. 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 10. 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 to purchase a refuse packer truck which is urgently needed for the daily operation of the Service Department in the collection of garbage and refuse in order to protect the health of the inhabitants of this City; wherefore, this ordinance shat.]. take effect and be in force immediately upon its passage and approval by the Mayor. Passed: ~~ , 1970 Attest: Gi~~-rte/ ,! L-~G:.~.~ Nora T. Hill, Clerk of Council Approved: 9///T~ James A. Prokasy, President Pro Tem ph E. Christman, Mayor ~~ v~-~-~ 5? ~ ~a ~.