69-218 Ordinance - Laserfiche WebLink

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e8*1 ,- ,.... .., b9 - 711s - 2 - Sect3on 5. Subject to the rejection of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes shall be sold by the Director of Finaxice at private sale at an interest rate not exceeding eight per centum per annum and for not less than par and accrued interest. The proceeds fran such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Sect3on 6. Said notes shall be the full general obligation of the City a.nd the full faith, credit and revenue of such City axe hereby pledged for the prammpt payment of the same. The pax value to be received f'rom the sale of the bonds anticipated by said notes and any excess funds resulting frarn the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. During the year or years such notes run there shall be levied on all the taxable property in the City of North Olmsted in addition to all other taxes, a direct tax annually nat less than that which would have been levied if bonds had been iasued without the prior issue of such notes; provided, that the amount of such tax shall be reduced to the extent that surplus earnings of the sewerage system shall be available and appropriated for the payment of interest and lDrincipal of such notes or of the bonds anticipa,ted thereby. Said tax shall be and is hereby ordered computed, certified, levied and ex- tended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for genera.l purposes for each of said yeaxs are certified, extended and collected. Said tax shall be placed before a.nd in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required sha.l7, be placed in a separate and distinct fund, which, to- gether with the interest collected on the sams, shall be irrevoeably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it 3s issued, when and as the same fall due. Section 8. It is hereby determinecl and recited that all acts, conditions a.nd things necessary to be done precedent to and in the issuing of said notes in order to make the same legal, valid and b3nding obliga.tions of the City of 1Vorth Olmsted have happened, been done and perfoxmed in regul.ax and due form as required by la,w and that no limitation of indebtedness or taxation, either statutory or constitutiona.l will have been exceeded in the issuance of said notes. Section 9. The Clerk of Council 3s hereby authorized and directed to forward a certified copy of this ordinance to the Cotiint;r Auditor of Cuyahoga County. Section 10. This ordinance is hereby declared to be an emergency measw^e necessary fbr the preservation of the public peace, welfare and safety of this City, and for the further reason that the im¢nediate issuance and sale of the notes herein authorized is necessary to provide funds with which to retire a presently outstanding note and thereby protect the eredit of this City; wherefore, this ordi- nance shall take effect and be in force immediately upon 3ts passage and approval by the Ma.yor. w? 16 , 1969 Passed:, Attest; F orence Ho , C erk of Counci Approved: . e Jh1ph7R_. stman, Mayor s jo sraent or c;ounc U,,.,} . W -h ?• ? ?'??? q