Laserfiche WebLink
<br />f~ <br />- 2 - <br /> <br />Section 6: All assessments collected for the improvement aforesaid, and <br />any unexpended balance remaining in the improvement fund after the coats and <br />expenses of said improvement have been paid, shall be applied to the payment of <br />said notes and the interest thereon until both axe Rally provided for. <br />Section 7: Subject to the re~eetion of such notes by the Director of Finance <br />for investment in the Bond Retirement Fund, such notes shall be sold by the <br />Director of Finance at private sale at_ara interest rate not 3n excess of that <br />specified in Section ~+. The proceeds from such sale, except any preantum and <br />accrued interest, sha11 be paid into the proper fund and used for the purpose <br />aforesaid and for no other purpose. Any premium and accrued interest shall be <br />deposited in the Bond Retirement Fund. <br />Section 8; Said notes shalt be the full general obligations of the City <br />and the fu11 faith, credit and revenue of said City are hereby pledged for the <br />prompt payment of the same. The par value to be received from the sale of the <br />bonds anticipated by said notes and any excess funds resulting from the issuance <br />of said notes shall to the extent necessary be used only for the retirement of <br />said notes at maturity, together with interest thes~on, and is hereby pledged <br />for such purpose. <br />Section 9; In the event that such assessments are not levied or bonds are <br />not issued to provide a fund for the payment of said notes at maturity, e, <br />general tax shall be levied against all of the property in said City for the <br />payment of such notes and the interest thereon; provided, however, that during <br />the year or years while such notes run there shall be levied on all the taxable <br />property in said City, in addition to all other taxes, a direct tax annually <br />not less than that which would have been levied for the City's portion of said <br />notes if bonds had been issued therefor without the prior issue of said notes. <br />Said tax shall be and is hereby ordered computed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers, in the same <br />manner and at the same time that tauces for general purposes for cash of said years <br />are certified, extended and collected. Said tax shall be placed before and in <br />preference to all other items and for the fu11 amount thereof. The farads derived <br />from said tax levies hereby required shall be placed in a separate and distinct <br />i'rand, which, together with the interest collected on the same, shall be irrevocably <br />pledged for the payment of the principal and interest of said notes or the beds <br />in anticipation of which they are issued when and as the same falls du,e. <br />Section 10: The Clerk is hereby directed to forward a certified copy of <br />this ordinance to the County Auditor. <br />Section 11; This ordinance is hereby declared to be an emergency measure <br />necessary for the immediate preservation of the public health, safety and welfare <br />of said City and for the further reason that the immediate issuance and sale of <br />the notes herein authorized is necessary to provide funds to enable the City to <br />enter into a contract for the construction of said improvement which is urgently <br />necessary to protect the health of the abutting owners and the inhabitants of the <br />City; wherefore, this ordinance shall be in ftiall force and effect from and im- <br />mediately after its passage and approval by the Mayor. <br />PASSED: ~_ ~1~_ <br />A'TT'EST: <br />.~ <br />Nora T. Hi~ , C e o Counci <br />APPROVED : 2~ 7/~v <br />B. s ,Mayor <br />~,~.~-~ ~?-mod -7a <br /> <br />