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84-082 Ordinance
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84-082 Ordinance
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1/11/2014 12:39:31 PM
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North Olmsted Legislation
Legislation Number
84-082
Legislation Date
9/6/1984
Year
1984
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CITY OF NORTIA-OLMSTED <br />? ORDINANCE NO%;i34-82 <br />? <br />- 2 - <br />(c) Council may, without a vote of the people, levy annually in <br />addition to the eleven and one-tenth (11.1) mills provided for in <br />Paragraph (b) of this Section 8, such tax not in excess of three (3) <br />mills for each dollar of assessed valuation as may be required to <br />provide for the payment of the interest, sinking fund and retirement <br />charges on general obligation bonds issued prior to January 1, 1976 <br />without the authority of the electors for the purpose of constructing <br />improvements to the municipal sanitary sewerage system and to provide <br />for the payment each year to the Ohio Water Development Authority of <br />the amounts required to be paid by the municipality in payment of the <br />loan from the Authority made for the purpose of constructing improve- <br />ments to the municipal sanitary sewerage sqstem. <br />(d) Council maq, without a vote of the people, levy annually in <br />addition to the eleven and one-tenth (11.1) mills provided for in <br />Paragraph (b) of this Section 8, such tax not in excess of two and <br />six-tenths (2.6) mills for each dollar of assessed valuation as may <br />be required to provide for the payment of (A) interest, sinking fund <br />and retirement charges on (i) general obligation bonds and general <br />obligation bond anticipation notes of the municipality issued on or <br />after January 1, 1976 and prior to January 1, 1987, without a vote of <br />the electors, to provide funds to pay costs of constructing <br />improvements to the municipal sanitary sewerage system; (ii) general <br />obligation bonds and general obligation bond anticipation notes of <br />the municipality issued on or after January 1, 1987, without a vote <br />of the electors, to provide funds to reimburse the municipality for <br />expenditures made on or after January 1, 1976 and prior to January 1, <br />1987, in anticipation of reimbursement from the proceeds of such <br />general obligation bonds or general obligation bond anticipation <br />notes, to pay costs of constructing improvements to the municipal <br />sanitary sewerage system; (iii) general obligation bonds and general <br />obligation bond anticipation notes of the municipality issued from <br />time to time without a vote of the electors to provide funds to renew <br />or 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 />pay?aent of any loan from the Ohio Water Development Authority <br />contracted for on or after January 1, 1976 and prior to January 1, <br />1987 for the purpose of providing funds to pay costs of constructing <br />improvements to the municipal sanitary sewerage system and any loan <br />from the Authority contracted for to provide funds to retire general <br />obligation bonds or general obligation bond anticipation notes <br />described in clauses (A)(i), (ii) or (iii). <br />SECTION 2. That if the foregoing proposal receives the affirmative <br />vote of a majority 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 AME:NDMENT <br />A majority 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 levy annually, <br />without a vote of the people, an additional tax at a rate not <br />exceeding two and six-tenths (2.6) mills to pay annual debt
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