70-063 Ordinance - Laserfiche WebLink

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v ,,, - 2 - 70 - ~' _3 ,~.~ Section 5. Such notes shall be signed by the Mayor and,Tn.reetor of Finaace and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the thtited States of America at the main office of the P'atioxsa7. City Bank of Clevelaind, Cleveland, tJhio, and shall express upon their faces the purpose for rEhich they are issued axed tlmrt they are issued pursuant to this ordinance. Section 6. Subject to the refection of such notes by the Director of Finance for inveateasnt in tl~e Bond RetiraMrtt lid, such notes shall be sold by the Director of Finance at private sale at an interest rate not exceeding eight per cantuu per arum and for not less tlmxn par and accrued interest. The proceeds frost such sale, euept any preniuffi and accrued interest, shall be paid into the proper fund artd used for the purpose aforesaid and for no other purpose. Any prex~tiwa sad accrued interest shall be deposited in the Bond Retirement Fund. Section ?. Said notes sha11 be the full general obligation of the City and the full faith, credit and revenue of such City are here~ry pledged fox the Prompt paytmertt of the same. The par value to be received frogs the sale of the bonds anticipated by said notes and say excess funds resulting fresn the issuance of said notes shall to the extant necessary be used only for the retirement of said notes at maturity, together w#.th interest thereon, and are hereby pledged for such purpose. Section 8. A11 assessments collected for the ir~-rov+esxeait ai'ore- said and any unexpended balance 3.n the improvment fund after sll costs and expenses of such improvement have been paid, shall be applied to the payment of said cotes, and the interest thereon until both are fully pro- vided for. Section g. Tn the event that such assess~rtts are not levied or bonds are not issued to provide a fund for the pa~aent of said notes at maturity, a general tax shall be levied against all of the property ix~ said City for the paysesttt of such motes and the interest thereon; provided, however, that during the year or years trhile such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said notes, if bonds had been issued tlurefor without the prior issue of said notes. Said tax shall be sad is hereby ordered ecaarputed, certified, levied and extended upon the tau duplicate and col.l.ected by the sane officers, in the same ~ntter and at the same time that taxes for general purposes for each of said years are certified, eatertdaed sad collected. Said tax sha7.1 be placed before and in preference to all other hems sad for the full amount thereof. The funds derived from said taac levies hereby required shall be placed in a separate and distinct f"urtd, which, togethex with 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 sad as the same falls due. Section 10. Tt is hereby determined and recited that all cruets, conditions and things necessary to be done precedent to sad in the issuing of said notes in order to make the same legal, valid and binding obliga- tions of the City of Itorth Olmsted have happened, been done and performed in regular and due form as required by law and that no limitation of in- debtedness or taxation, either statutory or constitutional will have been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby authoritied and directed to forward a certified copy of this ordinance to the County Auditor of Cuyahoga County. ,~ ~.,v