68-056 Ordinance - Laserfiche WebLink

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. .? -•. _ -yPage 2 Section 7: Subject to the rejection of said note by the Director of Finance for investment in the bond retirement fund, said note shall be and hereby is 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 directed to deliver said note, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The pro- ceeds of such sale sha11 be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. Section 8; Said note sha11 be the full general obligation of the City and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The parvalue to be received from the sale of the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall to the extent necessary be used for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9: In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said note at maturity, a general tax shall be levied against al1 of the property in said City for the payment of such note and the interest thereon; provided, hovrever, that during the year or years while such note runs there shall be levied on all the taxabl.e property in said City, 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 note, if bonds had been issued therefor without the prior issue of said note. 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 full amount thereof. The funds derived from sa,id tax levies hereby reauired 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 falls due. Section 10: The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11; This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare of said City and for the 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 inha'oitants of the City; wherefore this ordinance shall be in full force and effect from and imnediately after its passage and approval by the Mayor. PASSID: ATTEST: ___._ ?._.????? -- -- *R? m--?+-, Clerk of Council , 1'resident ef-ezrn-`i-? ,-T- fte?CGNC? APPROVID : Ai/-2'IlO Q a dz•?C? Ralph . Christman, Mayor ? • A, aQ?-Z 4/g ?