87-079 Ordinance - Laserfiche WebLink

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~„ interest and any premium on general obligation bonds and bond anticipation notes of the City of North Olmsted; (ii) Fifteen percent shall be deposited in a special fund and used to pay costs of permanent improvements and principal of and interest and any premium on general obligation bonds and bond anticipation notes of the City of North Olmsted; and (iii) Seventy percent shall be deposited in the General Fund and used for any of the purposes specified in Section 1501.0101 of this Title." Section 6. Effective January 1, 1988, Sections 1501.0101, 1501.0501, 1501.0502, 1501.1302 and 1501.2101 of the Codified Ordinances of the City of North Olmsted, Ohio, as established by Ordinance No. 67-70, passed May 16, 1967, as amended by Ordinance No. 68-105, passed June 18, 1968, and Ordinance No. 71-161, passed December 21, 1971, as they have heretofore existed, are hereby repealed. No provision of this ordinance, including the repeal of Sections 1501.0101, 1501.0501, 1501.0502, 1501.1302 and 1501.2101 of the Codified Ordinances of the City of North Olmsted, Ohio, as they have hereto- fore existed, shall in any way affect any rights or obligations of the City of North Olmsted, any taxpayer, or any other person, official or entity, with respect to the one percent municipal income tax authorized by Sections 1501.0101, 1501.0501, 1501.0502, 1501.1302 and 1501.2101 of the Codified Ordinances of the City of North Olmsted, Ohio, as they have heretofore existed. Section 7. It is found and determined that all formal actions of this Council concerning and relating to the passage of this ordinance were taken in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action were in meetings open to the public in compliance with the law. Section 8. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety and welfare of the City and for the further reason that this ordinance must be effective at once to provide funds in order to adequately carry out necessary municipal functions and to meet increasing operating costs and other financial obligations of the City; wherefore this ordinance shall be in full force and effect immediately upon its passage and approval by the Mayor. Passed 1987 Attest: Clerk of Council President of Council Approved: , 1987 Mayor First Reading: ` ~y~ Second Reading: ~ ~ Third Reading: - 4 -