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?rTY OF NOH OLMSTED <br />URDINANCE 84-81 ? <br />- - - 2 - <br />provide for the payment of (A) interest, sinking fund and retirement <br />charges on (i) general obligation bonds and general obligation bond <br />anticipation notes of the municipality issued prior to Januarq 1, <br />1987, without a vote of the electors, to provide funds to pay costs <br />of constructing improvements to the municipal sanitary sewerage <br />system; (ii) general obligation bonds and general obligation bond <br />anticipation notes of the municipality issued on or after January 1, <br />1987, without a vote of the electors, to provide funds to reimburse <br />the municipality for expenditures made prior to January 1, 1987, in <br />anticipation of reimbursement from the proceeds of such general <br />obligation bonds or general obligation bond anticipation notes, to <br />pay costs of constructing improvements to the municipal sanitary <br />sewerage system; (iii) general obligation bonds and general obliga- <br />tion bond anticipation notes of the municipality issued from time to <br />time without a vote of the electors to provide funds to renew or <br />refund the general obligation bonds and general obligation bond <br />anticipation notes described in clauses (i) and (ii) and this clause <br />(iii), and (B) amounts required to be paid by the municipality in <br />payment of any loan from the Ohio Water Development Authority <br />contracted for prior to January 1, 1987 for the purpose of providing <br />funds to pay costs of constructing improvements to the municipal <br />sanitary sewerage system and any loan from the Authority contracted <br />for to provide funds to retire general obligation bonds or general <br />obligation bond anticipation notes described in clauses (A)(i), (ii) <br />or (iii). <br />SECTION 2. That if the foregoing proposal receives the affirmative <br />vote of a ma3ority of the electors voting thereon, then existing Section 8 of <br />Article VIII shall be and the same is hereby repealed effective as of the date <br />on which such amendment becomes effective. <br />SECTION 3. That it is the desire of the Council that the ballot for <br />said question shall be in the following form: <br />PROPOSED CHARTER AMENDMENT <br />A ma3ority affirmative vote is necessary for passage. <br />Shall Section 8 of Article VIII of the City Charter be <br />amended to authorize the City Council to use proceeds of the <br />3.0 mill tax levy permitted by Paragraph (c) thereof to pay <br />annual debt service requirements on certain obligations <br />initially incurred on or after January 1, 1976 and prior to <br />January 1, 1987 to pay costs of improving the municipal <br />sanitary sewerage system, including (i) unvoted general <br />obligation bonds and bond anticipation notes issued for that <br />purpose during that period or issued thereafter to reiarburse <br />the City for expenditures made for that purpose during that <br />period, (ii) unvoted general obligation bonds and bond <br />anticipation notes issued to renew or refund the bonds and <br />notes described in clause (i) and (iii) loans from the Ohio <br />Water Development Authority contracted for for that purpose <br />during that period or to provide funds to retire bonds or <br />notes described in clause (i) or (ii). <br />. . YES <br />. . NO