68-122 Ordinance - Laserfiche WebLink

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0 ., ^ by°12 ,y? - 2 - Section 5. A11 assessments collected from the improvement afore- said, and an.y unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the payment of said notes and the interest thereon until both are f'ul.ly provided fbr. Section 6. Subject to the rejection of said notes by the Director of Finance for investment in the Bond Retiremnt F.ind, said notes shall be a,nd hereby axe awarded and sold to The National City Bank of Cleveland, Cleveland, Ohio, at the par value thereof; and the Director of Finance is hereby authorized and dixected ta deliver said notes, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance. Section 7. Said notes shall be the full general obligations of the City and the fu1.l faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess funds zesulting from the issuance of said notes shall to the extent necessary be used for the retirement of said notes at ma.turity, together with interest thereon, and is hereby pledged for such purpose. Section 8. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax sha11 be levied against all of the property in said City for the payment of suah notes and the interest thereon; provided, however, that during the year or years while such notes run there shall be levied on all the taxable property in said C3ty, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said notes if bonds had been issued therefor without the prior issue of said notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the sa.me officers in the same ma,nner and at the same time that taxes for general purposes for each of said years axe certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amoun.t thereof. The funds derived from said tax levies hereby requi.red shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the pay- ment of the pri.ncipal and interest of said notes ox the bonds in anticipa- tion of which they are issued when and as the samie falls due. Section 9. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the ittmediate preservation of the public health, safety and welfare of said, City and for further reason that the immediate issuance and sale of the note herein authorized is necessary to provide funds to enable the City to enter into a contract for the construction of said improvement which is urgently necessary to protect the health of the abutting owners and the inhabitants of the City; wherefore this ordi- nance sha11 be in full f'orce and effect from and imnediately after its passage and approval by the Mayor. PASSED: 1968 , ATTEST: ? . . o, Margaret T. West, Acting Clerk Fran:cis J. 01Ne 1, President of Co c il of Counc ilki Ra1ph E. Chr stman, Mayor . , ?? - I q -(r? ? - C,?.? , ?-t?c-?-?c-?' . . ??