70-090 Ordinance - Laserfiche WebLink

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r ~ ~®- 9d .., -~- Section ~+. For the purpose of providing the necessary f'~ia+ds to pay the in- terest on the Foregoing issue of beads prosptly when and as the seers falls dun, and also to provide a fund aufFicient to discharge the said serii~7. at maturity, there shall be and is herby levied oaa all taxable prapex~y is the City of North Olmsted, in addition to all other taxes, a direct te-x sn11y during the period said bonds are to run in an eeebuat sufficient to psrorwlds ftaa~s to pay the interest upon said bonds as and when the sa're Fall dine, e~ also to provide a Fund for the discharge of the principal of asid serial bands at 'ettr^1.ty, ~~+sh tau shall not be lass than the interest and sinking f'umd tax requires by Section 11 of Article XII of the Cearratitutic~n of f)hio. Provided, haenswer, that in each year that the assessments anticipated by said bonds are available far the t of such bonds and are appropriated for such purpose, the e~ant of such tsar shall be reduced by the amount of the assessments so appropriated, Section 5. Said tax shall be and is hereby ordered cce~ruted, certified, levied and extended urn the tax duplicate and collected by th+e officers, in the same manner and at the same tiers that takes For genera]. puoses far each of said years are certified, extended and collected. Said te4x shall be placed before and in preference to all other items and for the Full amount thereof. tae f'umda derived from said tax levy hereby requixed shall be placed in a tie and dis- tinct fund, which, together with the interest collected on the e-emte shall. be ir- revocably pledged for the payment of principal and interest on said bonds men and as the same fall due. Section (. That all insta,U~rents of said assessments and all portiaas thereof, together with interest thereon, shall be applied to the t of said and interest as the same sha11 beccre due and For no other purpose ~aatsoever. Section 7. Said beeads shall be first of'Fered at par and e-ccxuad interest to the officer in charge of the Bond Retirement Fund i.n his official oe~pacity, and if said officer ref'usss to take any or all oF_said bonds, than said bands not so taken shall be advertised for public sale and sold in the mamm~er pranrided by law. The proceeds from the sale of said bonds, except the premium, e-ccrued interest thereon and capitalized ingest, shall be used for the purpose atv€resaid and For other lxtrpoae and. be allocated to the improvement heroin described. The City covsnanta that the 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 RevF:nwe Code of 195+. The premium, accrwed and capitalized interest received f'ram a~tah saps ahaLl. be transferred to the Retirement Fund to be applied to tl~ae 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 ducted to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, aetcoxding to law. Section 9. This ordinance is hereby declared to be an emergencty nsasure necessary For the preservation of the public peace, welFare atmd see~ty of 'this City, and for the Further reason that the note of this City issued fc~r this im- prrnrement is about to mature and must be retired with the pr~+e8s ®f t~aa bonds authorized herein in order to protect the credit of this City; whar~f'ere, this ordinance shall take effect and be in force immediately upon its passage and signature by the Mayor. PASSED: ,^ , 1974 ATTE6T: G~~~-~ ors T. H , r ounc APPROVED: ~u-// q' l?O E. sta4rtn, or C~e~-c.~._.~ -s =~~ ~~