73-144 Ordinance - Laserfiche WebLink

Home Browse Search

•H 73-144 _ 2 - under that section. The Director of Finance is authorized and direct~i to give axi apprapriste certificate on behalf of the City, for inclusion in flee transcript of proceedings, setting forth the facts, estimates anti circasa- stances and reasonable expectations pertaining to said Section 1©3(d) and regulations thereunder. Section 7. Said mtes shall ba the full general obligations of the City and the full faith, credit amd. revenue of said City are hereby pledged for the prompt paymerrE of the same. The par valve to be rerteived from the sale of the bonds a~a'rticipated by said notes and ~' excess fua~ds resulting from the issuance of said notes shall to the ~ctent necessary be used only for the retirement of said notes at maturity, together with interest thereon, axed is hereby pledged for such purpose. Section 8. During the year or years while such rotes run there shall be levied on atl tt~ taxable property in said City, in addition to all other taxes, a direct tax anaauiLty not less than that which w+ata~ld have been levied if bonds had been issued therefor without the prior issue of said notes. Said tax shall be axed is hereby ordered coaaputed, certified, levied and extended uaon the tax duplicate and collected by the same officers, in the same asanner and at the seams time that taxes for general paorposes For each of said years are certified, extended and collected. Said tax shall be p].a~ced before and in preference to all other items and for the full aa~motavct thereof. The Rands derived from said tax levies hereby required shall be placed in a separate sand distinct fund, sthich, together with the interest collected on the saaase, shall be irrevocably pledged for the paymexat of the principal and interest of said notes or the bonds in anticipation of which they are issued wt~n ani as the same falls due . Section g. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. This ordinance is hereby declared to be sn ea~mergency measure necessary for the preservation of the public pease, welfare and safety of this City, and for the further reason that the i~[ediate issuance and sale of the notes herein authorized is necessary to provide funds with which to purchase real estate needed For the Broa~ark Road e3cteaasioa which improvement is urgently naec~ed to promote the free flow of traffic, affard ac1sgtaate police and fire protection and facilitate the prat installatioal of required public improvea~ments; wherefore, this ordinmuace shall takie effect and be in force immediately upon its passage and. approval. by the Me4Vor. ATTffiT . IPora ~1.1~, C- leas ~Co~uxacil APPRO`TEn: // ~z.o~73 R. i , l~ror