61-048 Ordinance - Laserfiche WebLink

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Section ~+. That 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 the taxable property in said 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 interest upon said bonds as and when the same falls d.ue 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 XTT of the Constitution. Said tax shall be levied outside the ten-mill limitation. 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 all interest collected on the same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall due. Section 5. That said bogas shall be first offered at par and accrued interest to the officer having charge of the Bond Retirement Fund, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law under the direction of the Director of Finance. The proceeds from the sale of said bonds except the premium am accrued interest thereon shall be used for t;he purpose aforesaid and for no other purpose; the premium and accrued interest shall betransferred to the Bond Retirement Fund to be applied in the payment of the principal and interest of said bands in the manner provided by law. Section 6. It is hereby determined that all acts, conditions and things requiree~. to be done precedent to and in the issuing of said bonds, in order to make the same legal, valid and binding obligations of the City of North Olmsted, have happened, been done and performed in regular and due form as required by law; that the tax f'ar the payment of the principal and interest off:' the bonds anticipated is unlimited as t~ amount or rate; and that the amount of indebtedness to be incurred by the issuance of said bonds does not exceed any limitation of indebtedness now fixed by law. Section 7. The Clerk of Council is hereby directed to forward a certified cap;Y of this ordinance to the County Auditor. Section 8. This ordinance is hereby declared to be an emergency measure neces- sary for the preservation of the peace, hea:Lth and safety of the City of North Olmsted and its inhabitants and for the further reason that immediate issuance of said bonds is necessary both to retire outstanding notes at their maturity in order to preserve the credit of the City and to provide additional funds needed to improve the sanitary 2