61-119 Ordinance - Laserfiche WebLink

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r J... ~ , Any pre~t~m and accrued interest. in the amount n®cessary for the payment of interest pri.or'to their maturity shall be transferred to the.. Bond 8etirement Fund to be app7ed in payment of the principle. and interest vn.said note or notes in the manner provided b-T law. Section 7: Said note or notes shall be .the fu21 general obligation of the City of North Olmsted, and the Full faith, credit, and revenue of said City are hereby pledged for the prompt payment off' the same. The ~' value to be received from the sale of bonds anticipated by said note or notes and ax:y excess further resulting from the issuance of said note or notes shall, to the extent necessary, be used only for the retirement of said note or notes at maturity, together with intere:~t thereon, and is hereb-r pledged far suer purpose. Section ~ During the year such note is outstanding there shall be levied on all the taxable prop®rtes in the City of North Olmsted in addition to all other taxes, a direct tax annually of not lees'.:than that which would.. have been levied if bonds were issued without the prior issuance of said note or notes . Said tax shall be and is hereby ordered computed, certi- fled, levied and extended upon the tax duplicate .and collected by the same off- icers in the same manner in the same time that taxes for general purposes for each of said years, are certified, extended and collected. Said tax smell be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby requi.~d shall be placed in a separate and distinct fund, which, together with the iri't~rest toll®cted on the same, shall ba irrevocably pledged fox the principle and interest of said notes or the bonds in anticipation of which they are issued when and as the same f'~11 due. Section 9: Tae clerk of Council is hereby directed to forward a certified copy of this ordinance to the Auditor of Cuyahoga Gounty, Ohio, Section 1Q: This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public safety- and welfare of the Gity a~# such emergency exists by virtue of the necessity of providing funds for the purchase of buses with tirea~ and other specified equipment necessary in the operation of tha North Olmsted. Munieipa:L Coach Line. Section 11: Wherefore, this ordinance .shall take immediate effect from and after its passage, otherwise, at the earliest period allowed by law, PASSED: ~~~ 6 19 6 i ATTEST s o ise a' , er o ounci ce ~ c ono , res ent t3 ova pI~PROVID: a . r681u~ or ~~,F JUN 7 19 ~.: