74-170 Ordinance - Laserfiche WebLink

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~ ~-~70 - 2 - the first day of December of each year beginning December 1, 1975, until the principal sum is paid as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $60,000 on December 1, 1976; $65,000 on December 1 in each of the years from 1977 to 1997, inclusive; and $60,000 on December 1 in each of the years from 1998 to 2004, inclusive; which maturities are hereby determined to be in substantially equal annual installments. Said bonds shall be callable at par in whole or in part at the option of the City on December 1, 1991 or on any interest payment date thereafter. If less than the entire unmatured portion of said bonds is called for redemption at any time or from time to time, they shall be called in the inverse numerical order of those outstanding. Any right of redemption of bonds shall be exercised by resolution or ordinance of Council and notice of redemption, specifying by number the bonds to be called, shall be published once a week for two consecutive weeks in a financial journal of national cir- culation, the first publication to be not more than forty nor less than thirty days prior to the date of redemption, upon which date, unless default shall be made upon presentation in the payment of the redemption price, all interest upon the bonds so called shall cease. Section 3. Said bonds shall be signed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. They shall be payable in lawful money of the United States of America at the main office of National City Bank, Cleveland, Ohio. 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 the taxable property in said 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 required by Section 11 of Article XII of the Constitution of Ohio; provided, however, that in each year to .the extent that the income from the municipal sanitary sewer system is available for the payment of such bonds and is appropriated for such purpose, the amount of such tax shall be reduced by the amount of such income so available and appropriated. Section 5. Said tax shall be and is hereby ordered computed, cer- tified, levied and extended unpon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general pur- poses 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 principal and interest on said bonds when and as the same fall due. .. ,~~ .