61-162 Ordinance - Laserfiche WebLink

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Ordinance No. 61 - ~~~,,, _2_ Section b: Said note or notes shall first be offered to the Director of Finance of the City, having charge of the Bond Retirement Fund, and so mar~y* of them as shall not be taken by the Director of Finance shall be sold at a p~eivate sate by the Director of Finance, but for not less than par and accrued interest, and the proceeds from said sale except any premium and the interest thereon and the amount thereof necessary for the payment of interest prior to the maturity of said note or notes shall be paid into the proper fund and shall be used only for he purpose aforesaid and for no ot~ar. Any premium and accrued interest and the amount necessary for the payment of interest prior to the maturity of said note or notes shall be transferred to the Bond Retirement Fund to be applied to the payment of the pri_ncip~e and interest of said note or notes in the manner as provided by law. Seotion 7: Said note or nb~es for the purpose aforesaid shall be the full general obligation of the City of North Olmsted and the full. faith, credit and revenues of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of bonds anticipated by said note or notes and any excess further resulting from the issuance of said note or noise shall, to the extent necessary, be used only for the retirement mf said note or notes at maturity together with interest thereon and is hereby pledged for such purpose. Section 8: During the year such note is outstanding there shall ~~e levied on all the taxable properties in the City of North Olmsted in addition to all other taxes a direct tax annually of not less than that whi.eh would have been levied if bonds had been issued without the prior issue of such note or 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 in 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 fund which together with the interest collected on the same shall be irrevocably pledged for the principle and interest of said note or the bonds in anticipation of which they are issued when and if the same fall due. Section 9: The clerk of Council is hereby suthoriaed and directed to certify a copy of this ordinance tic the.==Auditor of Cuyahoga County, Ohio, according to law. Section 1Q: This ordinance is hereby declared to be an emergency measure for the reasons set forth in the preamble hereto and such emergency exists by virtue of the necessity of constructing said sidewalks for the particular reference to the completion of said improvement prior to the opening of the school year beginning on or about September 5, 1961; wherefore, this ordinance shall be in full force and effect from and after its passage, othQrw:ise, at the earliest period allowed by law. PASSED :~~,Gl,.~-- . , o~ / ~ __~ A ~.,,, ,. gaol:-~,e~ ,. c , ~~~ 6~~ ~~