80-058 Ordinance - Laserfiche WebLink

Home Browse Search

CITY nF NO OLMSTED ~ - ORDINAi~iCE- 80-58 . - - -3- of Finance is authorized and directed to give an appropriate certificate of the City, for inclusion in the transcript of proceedings, setting forth the reasonable expectations of the City regarding the amount and use of such pro- ceeds and the facts and estimates on which they are based, all as of the date of delivery of and payment for such notes. Section 7. Such notes shall be the full general obligations of the City and the full faith, credit and revenue of the City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by such notes and any excess funds resulting from the is- suance of such notes shall to the extent necessary be used only for the retire- ment of such notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. .During the year or years while such notes run there shall. be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such notes. 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 levies 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 the principal of and interest on said notes or the bonds in anticipation of which they are issued, when and as the same fall. due. Section 9. It is hereby determined that all acts, conditions and things required to be done precedent to and in the issuance of such notes, in .order to make them legal, valid and binding obligations of the City, have `happened, been done and performed in regular and due form as required by law; and that no limitation. of indebtedness or taxation, whether statutory, charter or constitutional, will have been exceeded in the issuance of such notes. Section 10. The Clerk of this Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11. It is found and determined that all formal actions of this Council concerning and relating to the passage. of this ordinance were adopted 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 all legal requirements in- cluding Section 121.22 of the Ohio Revised Code. Section 12. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds to retire outstanding notes which are about to mature and thereby protect the credit of the City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Mayor. PASSED: 6. //`~~ T ATTEST: ~ ~.,,,~,~ ~o Florence E. Campbell, Jerk of Council S- Robert W. Swietyniowsk yor De a impert, Presi ent of Council