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<br />- 2 - <br />Section 7. During the year or years such note runs there shall be levied on <br />all the taxable property in the City of North Olmsted in addition to all other <br />taxes, a direct tax annually not less than that which would have been levied if <br />bonds had been issued without the prior issue of such note. <br />Said tax shall be and is hereby ordered computed, certified, levied and extended <br />upon the ta,x duplicate and collected by the same officers, in the sa.me manner and <br />at the same time that taxes for general purposes for each of said years are certified, <br />extended and collected. Said tax shall be placed before and in preference to all <br />other items and for the full amount thereof. The funds derived frarn said tax <br />levies hereby required shall be placed in a separate and distinct fund, which, <br />together with the interest collected on the same, shall be irrevocably pledged for <br />the payment of the principal and interest of said note or the bonds in anticipation <br />of which it is issued, when and as the same fall due. <br />Section 8. It is hereby determined and recited that all acts, conditions <br />and things necessary to be done precedent to and in the issuing of said note in <br />order to make the same a legal, valid and binding obligation of the City of North <br />Olmsted have happened, been done and performed in regula,r and due form as required <br />by law and that no limitation of indebtedness or taxation, either statutory or <br />constitutional will have been exceeded in the issuance of said note. <br />Section 9. The Cl.erk of Council is hereby authorized and directed to forward <br />a certified copy of this ordinance to the County Auditor of Cuyahoga County. <br />Section 10. This ordinance is hereby declaxed to be an emergency measure <br />necessary for the preservation of the public peace, health and safety of this <br />City and for the further reason that the immediate acquisition of the garbage <br />packer truck and hydraulic digger to be purchased with the proceeds of this note <br />is urgently needed to permit the efficient operation of the Service Department <br />of the City; wherefore, this ordinance shall take effect and be in force immediately <br />upon its passage and approval by the Mayor. <br />Passed: (DCJAAJ 1 j. <br />, 1968 <br />Francis J. 'Neill <br />President bfjCouncil <br />Attest. 4--? C3J Approved: 1968 <br />Florence Holm -?? <br />Clerk of Council <br />lph E. Christman, Mayor <br />F'Osfecj '017I62