69-010 Ordinance - Laserfiche WebLink

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?. ? N0. 69- 1O Section 6. Said note shall be the fu1.l 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 anticipated by said note and any excess f?.inds resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. A11 assessments collected for the improvement aforesaid and any unexpended balance in the improvement fund after all costs and ex- penses of such improvement have been paid, shall be applied to the payment of said note and the interest thereon until both are fully provided for. Section 8. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said note at matur- ity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon; provided, however, that dur- ing the year or years while such note runs there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said note, if bonds had been issued therefor without the prior issue of said note. Said tax shall be and is hereby ordered camputed, 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 preference to all other items and for the full amount thereof. The funds derived from said tax levies 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 the principal and inter- est of said note or the bonds in anticipation of which it is issued when and as the same falls due. Section 9. Tt is hereby determined and recited that all acts, con- ditions 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 law and that no li.mitation of indebtedness or tax- ation, either statutory or constitutional will have been exceeded in the issu- ance 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 Cuya- hoga County. Section 11. 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 immediate construc- tion of said improvement is necessary to eliminate existing hazards to pedes- trian and vehicular traffic; wherefore, this ordinance shall take effect and be in force i.mme 'ately upon its passage and approval by the Mayor. PASSED : / ,1969 Francis J. 0'Nei , President of Council ATTEST: ? Florence Holm, lerk of Council - 1?.?.PPxovED : ,1969 C • 444 Ralph . Christman, Mayor ?7? ? . ??. 0/0??y / L-1?y ??