81-088 Ordinance - Laserfiche WebLink

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CITY OF V'fiH OLMSTED • • ORDINANCEVO. 81-88 PAGE TW0 the coupons attached thereto shall bear the facsimile s3gnature of the Director of Finance printed or lithographed thereon and principal and interest thereon shall be payable in lawful money of the United States of America at the office of the Director of Finance of the City of North Olmsted, Ohio, the interest to be payable upon presentiation and surrender of the proper interest coupons which shall be attached to said bonds or upon the presentation of the bond for the proper credit of interest if issued without coupons; provided, however, that the City shall have the right to make payment of such principal and interest by draft or check mailed or otherwise delivered to the person, corporation or firm appearing by the records of the City to the owner thereof. Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient 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 sinking fund tax requ3red by Section 11 of Article XII of the Constitution of Ohio; provided, however, that in each year that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessments so appropriated. Section 5. Said tax shall be and is hereby ordered computed, 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 levy 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 of and interest on said bonds when and as the same fall due. Section 6. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same shall become due and to no other purpose whatsoever. To the extent that the amount of bonds required to be issued for such sidewalk improvements shall be reduced by the cash payment of assessments by property owner-s in accordance with the option included in the assessing ordinance, such reduction shall be accomplished by reducing all of the serial bonds hereinabove provided for so as to retain substantially equal annual installments. Section 7. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in and for the issuing of said bonds in order to make them legal, valid and binding obligations of the City have been performed in regular and due form as required by law; that the full faith, credit and revenue of said City shall be and are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or constitutional, will be exceeded in issuing said bonds. Section 8. That said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be offered to the Treasury Investment Account for purchase, and if not taken either by such officer or such Account, shall be advertised for public sale and sold in the manner provided by law, but not for less than their par value and accrued interest. The proceeds from the sale of said bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose. The premium and accrued interest shall be transferred to the Bond Retirement Fund to be applied in the payment of the principal and interest of said bonds in the manner provided by law. -2-