68-078 Ordinance - Laserfiche WebLink

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r - 2 - . / ` Section 4. For the purpose of providing the necessary funds to pay the inter- est on tYie foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmstecl, in addition to all other taxes, a direct tax annually during the period said bonds axe to run in an amount sufficient to provide funds 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. Provicled, however, that in each year tha,t the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the am.ount 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 collectecl by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years axe 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 fl.inds 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 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 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 necessary 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 sha11 take effect and be in force immediately upon its passage and signature by the NIayor. Passed: 196$ Attest: lorence Holm, Clerk of Council Approved : R ph E. Christman, Mayor Francis J. 0'Ne President of Council e", ti ? 1a . • C? ?1;? s?3 /6? ?o sfi? S?/ 316 8'