62-217 Ordinance - Laserfiche WebLink

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Section 6. All assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the payment of said notes and the interest thereon until both are fu11y provided for. Section 7. Subject to the rejection of said notes by the officer in charge of the bond retirement fund, said notes shall be sold at private sale by the Director of Finance at not less than the par value thereof; and the Director of Finance is hereby authorized and direc#ed to deliver saa.d notes, when executed to said purchaser thereof upon payment of such purchase price. The proceeds of such sale, other than premiums, if arty, shall be paid into the proper fund and used for the purpose for which said notes ~-re being issued under the provisions of this ordinance, and premium received from such sale shall be paid into the bond retirement fund. Section 8. Said notes shall be the full general obligation of the City and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes shall to the extent necessary be used only for the retirement of said notes at maturity, together with interest therean, and are hereby pledged for such purpose. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax sha11. be levied against all of the property in said City for the payment of such notes and the interest thereon. Section 10. It is hereby determined and recited that all acts, conditions and thugs necessary to be done, precedent to and in the issuing of said notes in order to make them legal, valid and binding obligations of said City of forth Olmsted have been done and performed in regular and due form as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, has been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 12. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of the City, and for the further reason that the prompt issuance of the notes herein provided for is essential to pr~tserve the ex~etdit of tls:City; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval by the Mayor. r,.. Passed .~, _ /"~~ , ~9~> s~ C.~ L~n~.~-~c,~~~ President of Council '~- Attest, --t.-cj -¢~..~ ~.. ~ ~ '~ r~ ~~ ~ /~ ~ X96 E. Clerk of Council -- Approged ,, ,~