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<br />-2- <br />there has been levied by Resolution No. 67-219 adopted by this Council on <br />September 19, 1967 and pursuant to the laws of the State of Ohio on all the <br />taxable property in the City of North OLnsted, in addition to a11 other taxes, <br />a direct tax during the period said note is to run, in an amount sufficient <br />to provide funds to pay the interest on said note as and when the same fa11s <br />due, and also to provide a fund for the dischaxge of the principal ot' said <br />note at maturity, which tax is not less than the interest and sinking fund <br />tax required by Section 11 of Axticle XII of the Constitution of Ohio, and <br />the levy of said tax by this Council be and it is hereby acknowledged, con- <br />firmed and ratified. Said tax has been computed, certified, levied and <br />extended upon the tax list and duplicate for the yeax 1967 and shall be <br />collected by the same officers, in the same manner and at the same time <br />that taxes for general purposes for the year 1968 are collected. Said tax <br />shall be placed before and in preference to all other items and for the full <br />amount thereof. The funds derived from said tax levy are irrevocably pledged <br />for the payment of the interest and principal of said note when and as the <br />same fall due. <br />Section 6. It is hereby determined and declased that the amount of <br />said note does not exceed one-half of the amount estimated to be received from <br />the next ensuing semi-a,nnual settlement of ta.xes for the fiscal yeas 1968, <br />namely, the second half settlement, other than taxes to be received for the <br />payment of debt charges and less any advances thereon, and it is further deter- <br />mined and declared that no other notes have been issued in anticipation of said <br />revenues. <br />Section 7. The Clerk of Council is hereby dixected to certify a <br />copy of this ordinance to the Auditor of Cuyahoga County. <br />Section 8. This ordinance is hereby declared to be an emergency <br />measure necessary for the im¢nediate preservation of the public health, safety <br />and welfare of said City and for the further reason that such moneys must be <br />immediately available in ord.er to meet obligations of the City and thereby <br />preserve the credit of the City; wherefore, this ordinance shall take efi'ect <br />and be in force from and after its passage and approval by the Mayor. <br />PASSED: <br />ATTEST• <br />Margaret T. 7 t, Acti.ng Clerk of Council <br />aPPxovEn: ? 12-leo O <br />LRa1p E. hristman, Mayor <br />?- <br />Francis J. 0'Nei11,;,Pre ident of Council <br />-7 - 3