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96-186 Ordinance
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96-186 Ordinance
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Last modified
1/28/2014 10:11:24 AM
Creation date
1/21/2014 3:50:13 AM
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North Olmsted Legislation
Legislation Number
96-186
Legislation Date
12/3/1996
Year
1996
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.. ?,. ....._ _?....?.,?1?,?.?,?.?.,, ... _ <br />. ? <br />-2- <br />in preference to all other levies and for the full amount thereof. Of the remaining <br />portion of said levy, an amount shall be levied annually sufficient to provide the <br />amounts required by law for police pensions (.3 mill) and firemen's pensions (.3 <br />mill); an amount shall be levied annually for the purpose of paying the expense <br />of recreation and providing recreational facilities (.5 mill), and the balance <br />thereof may annually be levied for the purpose of paying the current operating <br />expenses of the municipality. <br />(c) Council may, without a vote of the people, levy annually in addition to <br />the eleven and one-tenth (11.1) mills provided for in Paragraph (b) of this Section <br />8 and the seven-tenths of one mill provided for in Paragraph (d) of this Section <br />8, such tax not in excess of three (3) mills for each dollar of assessed valuation <br />as may be required to provide for the payment of (A) interest, sinking fund and <br />retirement charges on (i) general obligation bonds and general obligation bond <br />anticipation notes of the municipality issued prior to January 1, 1987, without a <br />vote of the electors, to provide funds to pay costs of constructing improvements <br />to the municipal sanitary sewerage system; (ii) general obligation bonds and <br />general obligation bond anticipation notes of the municipality issued on or after <br />January 1, 1987, without a vote of the electors, to provide funds to reimburse the <br />municipality for expenditures made prior to January 1, 1987, in anticipation of <br />reimbursement from the proceeds of such general obligation bonds or general <br />obligation bond anticipation notes, to pay costs of constructing improvements to <br />the municipal sanitary sewerage system; (iii) general obligation bonds and general <br />obligation bond anticipation notes of the municipality issued from time to time <br />without a vote of the electors to provide funds to renew or refund the general <br />obligation bonds and general obligation bond anticipation notes described in <br />clauses (i) and (ii) and this clause (iii), and (B) amounts required to be paid by <br />the municipality in payment of any loan from the Ohio Water Development <br />Authority contracted for prior to January 1, 1987 for the purpose of providing <br />funds to pay costs of constructing improvements to the municipal sanitary <br />sewerage system and any loan from the Authority contracted for to provide funds <br />to retire general obligation bonds or general obligation bond anticipation notes <br />described in clauses (A)(i), (ii) or (iii). <br />(d) Council may, without a vote of the people, levy annually, in addition to <br />the eleven and one-tenth (11.1) mills provided for in Paragraph (b) of this Section <br />8 and the three (3) mills provided for in Paragraph (c) of this Section 8, a tax not <br />in excess of seven-tenths (.7) of one mill for each dollar of assessed valuation to <br />provide funds for municipal recreational purposes, including payment of (A) costs <br />of providing permanent improvements for recreational purposes, (B) current <br />operating expenses for recreational purposes, and (C) interest, sinking fund and <br />retirement charges on general obligation bonds and general obligation bond <br />anticipation notes of the municipality issued from time to time, without a vote <br />of the electors, to provide funds (i) to pay costs of providing and improving <br />recreational facilities, or (ii) to provide funds to renew or refund general <br />obligation bonds and general obligation bond anticipation notes issued for the <br />purposes described in clause (i) and this clause (ii). "
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