69-217 Ordinance - Laserfiche WebLink

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_ 2 _ 6 9-zI7 shall express on its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 5. Subject to the rejection of such note by the Director of Finarce for investment in the Bond Retirement F'und, such note shall be sold by the Director of Finance at private sale at an interest rate not exceeding eiglit per centum per annum. The proceeds from such sale, exeept any premium and accrued interest, shall be paid into the proper t'und and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retire- ment F'u,nd. Section 6. Said note shall be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anti- cipated by said note and ar?y excess funds resulting froan the 3ssuance of sa3d note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and are hereby pleclged for such purpose. Section 7. All assessments collected for the improvexnent aforesaid and any unexpended balance in the i.mprovement fund after all costs and expenses of such im- provement have been paid, shall be applied to the payment of said note and the intesest thereon until both are fully provided for. Section 8. In the event that such assessments axe not levied or bonds are not issued to provide a f?and for the pa,yment of eaid note at maturity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon. Section 9. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said note in order to make the same a legal, valid and binding obligation of the City of North Olmsted have happened, been done and performed in regular and due form as required by la,w and that no limitation of indebted.ness or taxation, either statutory or constitu- tianal will have been exceeded in the issuance of said note. Section 10. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance to the County Auditor of Cu,yahoga County. Section 11. This ord.inance is hereby decla,red -tobe an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the fta.rther reason that the immediate issuance and sale of the note herein authorized is necessary to provide funds with which to retire a presently outsta,nding note and thereby proteet the credit of this City; wherefore, this ord.inance shall take effect and be in force immediately upon its passage and ap- proval by the Mayor. Passed: £?QrQ?,,,ti?iLc? I (o , 1969 Attest; orence Holm, Clerk of Counci Approved : L ?(? 9 A ph E. Chri s tman, Nla.yor ? ? ??ti Cti7 Francis J. Nei , Pr sident of Council Ge'J. co fy C4y, ,9.(. `2 JiZ/?q _?'osiE.l `42-'6 ?