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s <br />- 2 - <br />?y. <br />Olmsted, in addition to all other taxes, a direct tax annually during the period <br />said bonds are to run in an amount sufficient to provide funds to pay the interest <br />upon said bonds as and when the same falls due, and also to provide a fund £or the <br />dischaxge of the principal of said serial bonds at maturity, which tax shall not <br />be less than the interest and sinking f?uid tax required by Section 11 of Article <br />XII of the Constitution of Ohio. Provided, however, that in eacn year to the extent <br />that the income from the municipal sanitary sewer system is available for the payment <br />of such bonds and is appropriated for such purpose, the amount of such tax shall be <br />reduced by the amount of such income so available and appropriated. <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 flxnds derived from <br />said tax levy hereby required shall be placed in a separate and distinct fl.ind, which, <br />together with the interest collected on the same shall be irrevocably pledged for <br />tne payment of principal and interest on said bonds when and as the same fall due. <br />Section b. Said bonds shall be first offered at par and accrued interest to <br />the officer in chaxge 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 />taken shall be advertised for 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 mature and must be retired promptly <br />with the proceeds of the bonds in order to protect the credit of this City; where- <br />fore, this ordinance shall take effect and be in force immediately upon its passage <br />and signature by the Mayor. <br />Passed: 1968 <br />Attest: <br />'lorence holm, Clerk of Council ? <br />Approved: s-lg/i O <br /> <br />Francis J. 0'Tleillf, ?resident of Council <br />f <br />`J <br />? • <br />lph E. Christman, Mayor <br />C u ?s ? q,?oqa .Qs•?. <br />? U <br />S J3I6 ?' <br />?o s? s <br />? //3 A <br />?