70-064 Ordinance - Laserfiche WebLink

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u~ j0-G .~ 2 - Section 6. Subject to the refection of such notes by the Director of Finance for investment in the Bond Retirement F`wnd, such notes shall be .sold by the Director of Finance at private sale at an interest rate not exceeding eight per centua per annum. The proceeds fyrom such sale, except auy premiuaa sad accrued interest, shall be paid into the pre~per fund and used fox the purpose aforesaid and for no other purpose. ARy preaima and accrued interest sha11 be deposited i.n the Bond Retirement Fund. Section 7. Said notes shall be the full. general obligations of the City and the full faith, credit and revenue of such City are hereby pledged for the proa-fit payment of the same. The par value to be received frwa the sale of the bonds anticipated by said notes amt any excess f'undas resulting Pram the issueuce of said notes shall to the extent necessary be used only for the retireaet~t of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 8. All assessments collected for the improvement aforesaid and any unexpended balance in the iaapxoveaent fund after all costs and uses of such imprc~ve>eent have been paid, aha11 be applied to the pa~ysent of said notes and the interest thereon until both are fully provided for. Section g. In the event that such assessments are not Died or bends are not issued to provide a fund for the payment of said cotes at maturity, a general tax shall be levied against all of the property in said City for the ps~yment of such notes and the interest thereon. Section 10. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and jxi the issuing of said notes in order to make the same legal, valid and binding obligations of the City of forth Olmsted have happened, been done cad performed in regular and due fora a$ required by leas and that no ].imitation of indebtedness or taxation, either statutory or constitutional will have been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby aau~thorized and directed to forward a certified copy of this ordinance to the County Auditor of Cuyahoga County. Section 12. This ordinance is hereby declared to be as eaergency sueasure necessary Yor the preservation of the public peace, welfare and safety of this City, and for the further mason that the i»aediate issuance and sate of the notes herein authorised is necessary to prav3.de funds with Which to retire a presently outstanding note and thereby protect the credit of this City; wherefore, this ordinance aha11 take effect and be in force i~m~ned3ately upon its passage and s~rproval by the Mayor. PASSED: //~~ u.,eeL//O , 1870 ATTEST : ~,.... ~,,, /yam ~/. ~~~1 Dora T. Hill, Clear o Counc 1 Fr s Ae e impart, ~pRpyEp~ 3 ~O f ?a Acting President ~'ro Tam E• s , ~" ~~ ~ ~~;~C. ~- /~-Jo