68-074 Ordinance - Laserfiche WebLink

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- 2 - said ta.x levy hereby required shall be placed in a separate and distinct fund, which, together with the 3.nterest collected on the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. Said bonds sha11 be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken sha,ll be advertised for public sale and sold in the znanner provided by law. The proceeds frm the sale of said bonds, except the premium, accrued interest thereon and capitalized interest, shall be used for the purpose aforesaid and for no other purpose and shall be allocated to the improvement herein described. The premium, accrued and capitalized interest received from such sale shall be transferred to the Bond Retirement Fznd to be applied to the payment for the principal and interest of said bonds, in the manner provided by law. Section 7. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. This ordinance is hereby deelared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the immediate issuance of said bonds is necessary to provide funds for the purohase of such fire apparatus which is urgently needed to afford fire protection in the City of North Olmsted; wherefore, this ordina.nce shall take effeet and be in force imnnediately upon its passage and sig- nature by the Mayor. Passed: Ag? 196$ Attest; Florence Ho1m, Clerk of Council Francis J. O Neill sident of Counei Approved : .S/g/& g ? . lph E. Christma.n, Mayor Qyc S?i 3J6 FI ! Q 1?' os?s?c1 ?'I ? 3 J6g