68-075 Ordinance - Laserfiche WebLink

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t ? J Z " - 2 - Section 4. For the purpose of providing the necessary funds to pay the in- terest on the foregoing issue of bonds proznptly when and as the same falls due, and also to provide a fund sufficient to discha.rge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide f.i.nds to pay the interest upon said bonds as and when the same falls due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. Section 5. Said tax shall be and is hereby ordered camputed, certified, levied and extended upon the tax fluplicate 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 cert3fied, extended and collected. Said tax shall be plaeed before and in pref- erence to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate a.nd distinct fund, which, together with the interest 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 shall be first offered at pa,r 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 shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said bonds, exeept the premium, aecrued interest thereon and capitalized interest, sha11 be used for the purpose aforesaid and for no other purpose and shall be allocated to the 3.mprovement herein described. The premium, acerued and eapitalized interest received frcxn sueh sale shall be transferred to the Bond Retirement Fund 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 ord.inance to the Auditor of Cuyahoga County, Ohio, according to 1aw. Section 8. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the fl.irther reason that the note of this City issued in anticipation of the bonds herein authorized is about to ma.ture and must be retired pramptly with the proceeds of the bonds in order to protect the credit of this City; where- fore, this ordina,nce shall take effect a.nd be in force immediately upon its passage and signature by the Mayor. Passed: 1968 Attest: ? 1 , I' cn Florence Holm, Clerk of Council Francis J. 0'Neil , P?esident of Council Approved: ? . flph E. Christman, Mayor '-ON h ",? QA.` &X44., s1,316 ? ?,Osff4 S/)3)i6g