70-135 Ordinance - Laserfiche WebLink

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70 -/.~ s - 2 - Section 3. Said coupon bonds and manuscript bond shall be executed by the Mayor and Director of Finance and shal]. bear the corporate seal of said City. Interest coupons attached to said coupon bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. Said coupon bonds shall be payable in lawful money of the United States of America at the office of the Director of Finance, North Olmsted, Ohio. Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds when and as the same falls dbie, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on the taxable property in the 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 suffient to provide funds to pay the interest upon said bonds as and when the same falls due, axed 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 11 of Article XII of the Constitution of Ohio; provided, however, that in each year that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for .such purpose, the amount of such tax shall be reduced by the amount of the assessment so appropriated. Section 5. Said tax shall. be and is hereby ordered courputed, 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 fu11 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 sha11 be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of .said bonds and interest as the same sha11 becoane due and for no other purpose whatsoever. Section 7. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take ashy or all of said bonds, then said bonds not so taken sha11 be advertised for public sale and sold in the manner provided by law. The proceeds frogn the sale of said bonds, except the premium, accrued interest thereon and capitalized interest, shall be used for the purpose afore- said and for no other purpose and be allocated to the improvement herein described. 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 8. 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 9. This ordinance is hereby declared to be an eanergency measure necessary for the immediate preservation of the public peace, health and safety of said City, and for the further reason that the immediate issuance of said bonds is necessary to retire outstanding bond anticipation notes and thereby protect the credit of the City; wherefore, this ordinance shall be in full force and effect from and immediately Mayor. Passed: ~ ~ ,_ , 1970 Attest: o~Z~ Nora T.//Hill, Clerk of Council Approved: ~ Ralp E. r stman, Mayor ~ ~ a~~~