68-172 Ordinance - Laserfiche WebLink

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? ? - 2 - Section 7. During the year or years such note runs there sha11 be levied on a1.1 the taxabl.e property in the City of North Olmsted in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such note; provided, that the amount of such tax shall be reduced to the extent that surplus earnings of the sewerage system shall be avail.able and appropriated for the payment of interest and principal of such note or of the bonds anticipated thereby. 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 collected. Said tax shall be placed before and in preference to a11 other items and for the fuZl 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 in anticipation of which it is issued, when and as the same fall due. Section 8. It is hereby determined and recited that a11 acts, conditions and things necessary to be done precedent to and in the issuing of said note in order to mak,e the same a legal, val.id and binding obligation of the City of North 0lmsted have happened, been done and performed in regular and due form as required by 1aw and that no limitation of indebtedness or taxa.tion, either statutory or constitutional will have been exceeded in the issuance of said note. Section g. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance to the County Auditor of Cuyahoga County. Section 10. 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 immediate issuance and sale of the note herein authorized is necessary to provide funds with which to retire a presently outstanding note and thereby protect the credit of this City; wherefore, this ordinance Snaiz take effect and be in force immediatel.y upon its passage and approval by the Mayor. Passed; ? 1O , 1968 Attest: c 2J Florence Ho1m, Clerk of Council ? . ? Francis J. 0'Ne' l, President of Council Approved: 11 1616 8 ? ? . Ra ph E. Christman,, Mayor osf? ?f?8'?68`