69-091 Ordinance - Laserfiche WebLink

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N I THE CITY OF NORTH OLMSTED -2- ORDINANCE N0. kq -4 ' the period said bonds are to run in an amount suffieient to provide funds to pay the interest upon said bonds as and when the same fall 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 sink- ing fund tax required by Section 11 of Article XII of the Constitution of Ohio. Section 5. Said tax shall be and is hereby ordered computed, certi- fied, levied and extended upon the tax duplicate and collected by the s.ame officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and col- lected. 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 levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same shall be irrevo- cably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in his offi- cial 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 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 pay- ment of the principal and interest of said bonds, in the manner provided by law. Section 7. 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 8. 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 notes of this City issued for this improvement are 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 shall take effect and be in force immediate- ly upon its passage and signature by the Mayor. PASSED: 1 1969 ATTEST.-? Florence Holm, G erk of Council APPROVED : ?/I A f a ? , President,of Council ,0& -79 444? Ralph E. Christman, Mayor 9 ?`1 ?'osff? ??316??