61-046 Ordinance - Laserfiche WebLink

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Section ~+. 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 the taxn,ble property in the 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 the interest upon said bonds as and when the same fal7~ due, and also to provide a fund for the discharge of the principal of said seria7L bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. ProvidE:d, however, that in each year when the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced. by the amount of the assessments so appropriated. Section 5. 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 levy hereby required shall. be placed in a sepaxate and distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for the payment of principal and intere~;t on said bonds when a.nd as the same fall due. Section ~. Said bonds shall be first offered at par a.nd accrued interest to the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take aa~y or all of said bonds then said bonds no so taken shall be advertised for public sale a,nd sold in the manner provided by law. The proceeds from the sale of said bonds, except the premium and accrued interest thereon shall be used fox the purpose aforesaid and for no other purpose a.nd be allocated to the improvement herein described. The premium and accrued inteze st received from such sale shall be transferred to the Bonc1 Retirement Fund to be applied to the payment of the principal and. interest of said bonds, in the manner provided by law. Section 8. Tt is hereby determined that all acts, conditions and things neces- sary to be done precedent to and sn and for the issuing of said bonds in order ~c make them legal, valid snd binding obligations of the City have been performed in regular and due form as required by law; that the full faith, credit and revenue of said City shall be and are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or constitutional, will be exceeded in issuing said bonds. Section 9. The Clerk of Council :is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. ~'