74-010 Ordinance - Laserfiche WebLink

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- 2 - 7~- ~ ~ Section 1+. 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 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, 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 principal and interest on said bonds when and as the same fall. due. Section 6. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take arty or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner pro- vided by law. 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 and be allocated to the improvement herein described. The premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, and in the manner provided by law. The City hereby covenants that it wilt restrict the use of the proceeds of the bonds in such mannex and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery and payment of such bonds, so that the bonds will not constitute arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance is authorized and directed to give an appropriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations regarding the amount and use of the proceeds of the bonds pursuant to said Section 103(d) and regulations thereunder. Section 7. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. This ordinance necessary for the preservation o City, and .for the further reaso improvement are about to mature bonds authorized herein in oxder this ord.i.nanee shall. take effec and approval by the Mayor. is hereby declared to be an emergency measure f the public peace, welfare and. safety of this n that the notes of this City issued for this and must be retired with the proceeds of the to protect the credit of this City; wherefore, t and be in force iuBnediately upon its passage P~ssED : ~ 197+ ~r` ATTEST: ~' b=~-'fix-- Nora T. Hill, Clerk of Council APPROVED : l/~S'/~ ph E. Christman, Mayor d 4 ~ ai i~-~.-Q Francis J. 0 Ne , esident o Council ' ~Cu4 //~,~~7!/