62-140 Ordinance - Laserfiche WebLink

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©rdinanee No. 62 /~C> Page 2 Section 5. Such notes shall be executed by the Mayor and Director of Finance and shall bear the seal of the corporation, shall be payable at the office of the Director of Finance, North Olmsted, Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6: A11 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 fully provided for. Section 7t That such notes shall be first offered to the Director of Finance as officer in charge of the Bond Re- tirement Fund and if rejected by him shall be sold at private sale by the Director of Finance for not less than par and accrued interest. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance. Any premium and accrued interest, together with the capitalized interest, if any, shall be transferred into the Bond Retirement Fund to be applied in payment of principal and interest of said notes in the manner provided by law. Section 8t Said notes shall be the full 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 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 thereon and is 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 pay- ment of said notes at maturity, a general tax shall be levied against all of the property in said City for the payment of such notes and the interest thereon; provided, however, that during the year or years while such notes run there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been 1e~ied for the City's portion of said notes, if bonds had been issued therefor without the prior issue of said 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 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 f torn said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which it is issued when and as the same f a11s due. Section 10: The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor.