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Ordinance No. 62 _~_ Page 2 <br />in addition to all other taxes, a direct tax annually during the <br />period said bonds are to run in an amount sufficient to provide <br />funds to pay interest upon said bonds if and when the same falls <br />due and also to provide a fund for the discharge of the principal <br />of said serial bonds at maturity, which tax shall not be less than <br />the interest and sinking fund tax required by Section II, Article <br />XII, of-the Constitution. <br />Said tax shall be and is hereby ordered computed, certi- <br />fied, levied and extended upon the tax duplicate and collected by <br />the same officers, in the same manner and at the same time that taxes <br />for general purposes for each of said years are certified, extended <br />and collected. Said tax shall be placed before and in preference to <br />all other items and for the full amount thereof. The funds derived <br />from said tax levies hereby required shall be placed in a separate <br />and distinct fund, which together with all interest collected on the <br />same, shall be irrevocably pledged for the payment of the interest <br />and principal of said bonds when and as the same fall due. <br />Section 5: It is hereby determined that all acts, c on- <br />ditions and things necessary to be done precedent to and in and for <br />the issuing of said bonds in order to make them legal, valid and <br />binding obligations of said City, have been. performed in regular <br />and due form as required by law; that the full faith, credit and <br />revenue of said City shall be and are hereby irrevocably pledged <br />for the prompt payment of the principal and interest thereof at <br />maturity; and that no limitation of indebtedness or taxation, <br />either statutory or constitutional, will be exceeded in issuing said <br />bonds. <br />Section 6: That said bonds shall be first offered at par <br />and accrued interest to the officer in charge of the Bond Retirement <br />Fund in his official capacity, and if said officer refuses to take <br />any or all of said bonds, then said bonds not so taken shall be ad- <br />vertised for public sale and sold in the manner provided by law. The <br />proceeds from the sale of said bonds except the premium and. accrued <br />and capitalized interest thereon, shall be used for the purpose for <br />which said bonds are issued and for no other purpose; the premium <br />and accrued interest received from such sale and the amount of said <br />bonds issued for interest shall be transferred to the Bond Retirement <br />Fund to be applied to the payment of the principal and interest of <br />said bonds in the manner provided by law. <br />Section 7: That the Clerk of this Council is hereby <br />authorized and directed to certify a copy of this Ordinance to the <br />Auditor of Cuyahoga County, Ohio, according to law. <br />Section 8: That this Ordinance is hereby declared to <br />be an emergency measure necessary for the immediate preservation of <br />the public peace, health and safety, and for the further reason <br />that it is immediately necessary to preserve the credit of this City; <br />that the bonds provided for herein be issued promptly to retire the <br />outstanding notes issued. in anticipation thereof. <br />k Section 8s WHER.EFORE, this Ordinance shall take effect <br />immediately from and after passage, otherwise, at the earliest <br />period allowed by law. c,,' <br />PASSED : ~1 /~l9'~ ~ /~" art' '~ '' <br />Bruce MacDonald, President <br />of Council <br />ATT <br />`~ Louise Ha11, Clerk of Council <br />APPROV <br />.~- <br />Pau J. Ga e , May r <br />=S / ~ <br /> <br />