68-077 Ordinance - Laserfiche WebLink

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- 2 - XII of the Constitution of Ohio. Provided, however, that in each year that the assessments anticipated by said bonds axe available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessments so appropriated. Section 5. 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 pre- ference 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 and 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. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same shall become due and for no other purpose whatsoever. Section 7. Said bonds shall 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 shall be advertised for public sale and sold in the manner provided by law. The proceeds from 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 sha11 be allocated to the improvement herein described. The premium, accrued and capitalized interest received from such 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 8. 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 9. This ordinance is hereby declared to be an emergency measure necessaxy for the preservation of the public peace, welfare and safety of this City, and for the further reason that the note of this City issued in anticipation of the bonds herein authorized is about to mature and must be retired with the pro- ceeds of the bonds authorized herein in order to protect the credit of this City; wherefore, this ordinance shall take effect and be in force immediately upon its passage a,nd signature by the Mayor. Passed: 1968 Attest: ?. C., F orence Holm, Clerk of Council Francis J. 0'Nei , President of Council \ Approved: 4uaM4-' r?? Ral E. Christman, Mayor ?