73-136 Ordinance - Laserfiche WebLink

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,~~ ~3-/.3GG -~- Section ~+. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and. as the same falls due, and also to pravi.de a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax anntanl7.y during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XZI of the Constitution of Ohio; provided, however, that in each year to the extent that the income from the muxiicipal sanitaxy sewer system is available for the payment of such bands and is appropriated for such purpose, the amount of such tax shall be reduced by the amount of such income so available and appropriated. Section 5. Said tax shall be and is hereby ordered computed, certified! levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and caLteeted. Said tax sha11 be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required sha71 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 principal and interest on said bonds when and as the same fa11 due, Section 6. Said boxxls shall be first offered at pax and accrued interest to the officer in charge of the Bond Retirement F<a.nd in his official capacity, and if said officer refuses to take ar~pr or all. of said bonds, then said bands root so taken shall be advertised for public sale and sold in the manner provl.dsd by law. The proceeds from the sale of said bonds, except the prem3.um and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose and be allocated to the improvement herein d$scribed. The premium and accrued interest received from such sale shall be transferred to the Borul Retirement Fund to be applied to the payment of the principal and interest of said bonds, in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the bonds in such manner and to such extent! if any, as may be necessary, after taking into account reasonable expectations at the tim~* of the d,a7.ivery and payment of such bonds so that the bonds wi11 not constitute arbitrage bons u~ier Section 103{d~ of the Internal. Revenue Code and the regulations prescribed under that section. The Auditor is authorized and directed to give an appropriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circuffistaxrces and reasonable expectations regarding the amount and use of the proceeds of the bonds pursuant to said Section 103(4) and regulations thereunder. Section 7. The Clerk of Council is hereby authorized aril directed to certify a copy of this ordinance to the Auditor of Cuyahoga Couxrty, Ohio, according to law. Section 8. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the notes of this City issued for this 3mprovaYnent are about to mature and must be retired with the proceeds of the bonds authorized herein in order to protect the credit of this City; wherefore, this ordinance shall take effect and be in force im¢nediately upon its passage and signature by the Mayor. ((~~ r ~ ~J , PASSED: 1 a ~~~ ~' ~ 973 Franc s J. o , s ent o Council ATTEST: /~~ /• Nora T. Hill, Clem o Council APPROVED: l/~7/~3 p E. Chr s , r