70-062 Ordinance - Laserfiche WebLink

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r r 4 ~;~ 2 - Section 5. SSueh notes shall be signed by the Mayor and Director of 1~'i.aarice and bear the seal of the corporation. Thar shall be payable is Federal Reserve funds of the thsi.ted States of America at the amain office of the I~itional City Bank of Cleveland, Cletvel.aad, t3hio, sad shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Seetioa 6. Subject to the refection of such notes by the Director of Finance for imrestaient 9.ri the Bond Rehr = t Fazed, such notes s~iall be sold by the Director of Finance at private sale at an interest rate not exee~ed3,sag eight per canton per annwa and for not less than par and accrued interest. The proceeds from such sale, except any premiuei said accrued interest, shall be pa3.d into the proper fund and used for the purpose aforesaid sad for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirealetit Fund. Section 7. Said notes sha11 be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and say excess funds resulting frcas the issuance of said notes shall to the extent necessary be used only for the retireatezit of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 8. Daring the year or years such notes run there sha11 be levied on aLt the taxable property is the City of lgorth Olmsted is additiozi to all other taxes, s direct tea annually not less than that Mich would haare been levied if bonds had been issued without the prior issue of such notes; provided, that the amount of such tea shs11 be reduced to the extent that surplus earnings of the setrerage system shall be available and appropriated for the paystezit of interest and principal of such notes ox of the bonds anticipated thereby. Said tea shall be and is hereby ordered computed, certified, 1e~ried and ex- tended upon the tat duplicate and collected by the same officers, in the same manner and at the same tine that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in g~eferenee 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 note or the bonds 3.n anticipation of which it is issued, when aztd as the same fall due. Section 9. Tt is hereby determined and recited that al.]. 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 ltorth Olmsted have happened, been done and performed in regular and due form as re- quired by leer and that no limttation of indebtedness or taxation, either Statutory or constitutional will. have been exceeded in the issuance of said notes. Section 10. The Clerk of Council. is hereby authorized sad directed to for- ward acertified copy of this ordinance to the County Auditor of Cuyahoga County. Section 11. This ordinance is hereby declared to be an emr+srgeGncy measure necessary for the preservation of the public peaice, welfare and sai'ety of this City, and for the further reason that the radiate issuance and sale of the notes herein suthori~ed is necessary to prov3.de foods xith which to retire a presently outstanding note axed thereby protect the credit of this City; w~ierefdre, this ordinance $ha11 take effect and be in force iamediately upon its passage and alrproval by the Mayor. PASSID : //~•tt..~,..E./ /4 , 1970 ATTEST: G~~ ~ `..~ Nora T. Hill, Clam o~ Council. APPRO 3//O 7'Q s , r ~- Dewey Ii. T~impert Acting President Pro Tem