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<br /> <br />- 2 _ <br />Section 5. Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers, in the same <br />manner and at the same time that taxes for general purposes for each of said years <br />are certified, extended and collected. Said tax shall be placed before and in pre- <br />ference to all other items and for the full amount thereof. The funds derived from <br />said tax levy 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 principal and interest on said bonds when and as the same fall due. <br />Section 6. Said bonds shall be first offered at par and accrued interest to <br />the officer in charge of the Bond Retirement Fund in his official capacity, and <br />if said officer refuses to take any or all of said bonds, then said bonds not so <br />ta.ken shall be advertised £or public sale and sold in the manner provided by law. <br />The proceeds from the sale of said bonds, except the premium, accrued interest <br />thereon and capitalized interest, shall be used for the purpose aforesaid and for <br />no other purpose and shall be allocated to the improvement herein described. <br />The premium, accrued and capitalized interest received from such sale shall <br />be transferred to the Bond Retirement Fund to be applied to the payment for the <br />principal and interest of said bonds, in the manner provided by law. <br />Section 7. The Clerk of Council is hereby authorized and directed to certify <br />a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. <br />Section 8. This ordinance is hereby declared to be an emergency measure <br />necessary for the preservation of the public peace, welfare and safety of this <br />City, and for the further reason that the note of this City issued in anticipation <br />of the bonds herein authorized is about to m.ature and must be retired promptly <br />with the proceeds of t;he bonds in order to protect the credit of this City; where- <br />fore, this ordinance shall take effect and be in force immediatel,y upon its passage <br />and signature by the Mayor. <br />Passed: 1968 <br />Attest: <br />y ...? ?_ . .. <br />Florence Holm, Clerk of Council Francis J. 0'Neily, yresident of Council <br />11- <br />Approved: 8 <br />? • <br />Ral h E. Christman, Mayor ? <br />I.CR.tU4? s/13(?8 <br />C, p? 11 C <br />????d S?? 3I ??