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Ordinance No. 62 -/o~ <br />Page 3 <br />Section 8: Said note shall be the full general <br />obligation of the City of North Olmsted and the full faith, credit <br />and revenue of said City are hereby ~aledged for the prompt pay- <br />ment of the same. The par value to be received from the sale <br />of the bonds anticipated by said note and any excess funds resulting <br />from the issuance of said note shall to the extent necessary be <br />used only for the retirement of said note at maturity, together <br />with interest thereon and is hereby pledged for such purpose. <br />Section 9: During the year such note is outstanding <br />tyre shall be levied on all taxable properties in the City of North <br />Olmsted, in addition to all other taxes, a direct tax annually of <br />not less than that which would have been levied if bonds had been <br />issued without the prior issue of such note. <br />Said tax shall be and is hereby ordered <br />computed, certified, levied and extended upon the tax duplicate <br />and collected by the same officers, in the same manner and at the <br />same time that taxes for general purposes for each of said years are <br />certified, extended and collected. Said tax shall be placed before <br />and in preference to all other items and for the full amount thereof. <br />The funds derived from said tax levies hereby required shall be <br />placed in a separate and distinct fund, which, together with the <br />interest collected on the same, shall be irrevocably pledged for the <br />payment of the principal and interest of said note or the bonds i.n <br />anticipation of which it is issued tiThen and as the same falls due. <br />Section 10: The Clerk of Council is hereby directed <br />to forward a certified copy of this ordinance to the County Auditor. <br />Section 11: That this ordinance is hereby declared to <br />be an emergency measure, necessary for the immediate preservation <br />of public peace, safety and welfare and for the further reasons <br />as set forth in the preamble hereto; and provided it receives the <br />affirmz~tive vote of two-thirds of all members elected to Council, <br />it shall take effect and be in force immediately upon its passar;e <br />and approval by the Mayor. <br />PASSED : ~~ ~ ~ ~ <br />_____{~ r <br />,f <br />Bruce MacDonald, President of <br />Council <br />ATTEST: <br />f <br />Louise Hal , Clerk o ouncil <br />APPROVED: <br />f/ <br />Paul ,r: _ ,areau, Mayor <br />~~ ~~~ ~ <br />_... y _ <br />