Laserfiche WebLink
? <br /> <br />?Ajt/60'__ <br />- 2 - <br />Reserve funds of the United States of America at the main office of the National <br />City Bank of Cleveland, Cleveland, Ohio, and shall express upon their face the <br />purpose for which they are issued and that they are issued pursuant to this <br />'ordinance. <br />Section 7• Subject to the rejection of such notes by the Director of <br />Finance for investment in the Bond Retirement Fund, such notes shall be sold by <br />the Director of Finance at private sal.e at an interest rate not in excess of <br />that specified in Sectian 4. The proceeds from such sale, except any premium <br />and accrued interest, sha]_1 be paid into the proper fund and used for the purpnse <br />aforesaid and for no other Furpose. Any premium and accrued interest shall be <br />deposited in the Bond Retirement Fund. The City covenants that the proceeds of <br />said notes shall not be invested or used in such manner that any of said notes <br />would be "arbitrage bonds" t'or purposes of Section 103(d)(1) of the Internal. <br />Revenue Code of 1954• <br />Sectian 8. Said nates sha11 be the full general obligations of the <br />City and the full faith, credit and revenue of said City are hereby pledged for <br />the prompt payment of the same•. The par value to be received from the sale of <br />the bonds anticipated by said notes and any excess funds resulting from the <br />issuance of said notes shall to the extent necessar,y be used only for the retire- <br />ment of said notes at maturity, together with interest thereon, and is hereby <br />pledged for such purpose. <br />Section 9. Duxing the yeax or years while sucYa notes run there shall <br />be levied on all the taxable Droperty in said City, in addition to all other taxes, <br />a direct tax annually not less than that which would have been levied if bonds <br />had been issued therefar without the prior issue of said notes. Said tax shall <br />be and is hereby ordered computed, certified, ].evied and extended upon the tax <br />dublicate and collected by the same officers, in the same manner and at the same <br />time that taxes for general purposes for each of said years are certified, ex- <br />tended and collected. Said tax shal.l be placed before and in preference to all <br />otYier items and for the full amount thereof. The funds derived from said tax <br />levies hereby required shall be placed in a separate and distinet fund, which, <br />together with the interest collected on the same, shall be irrevocably pledged <br />for the payment of the principal and interest of said notes or the bonds in <br />anticipation of which they are issued when and as the same falls due. <br />Section 10. The Clerk is hereby directed to forward a certified copy <br />of this ordinance to the County Auditor. <br />Section 11. This ordinance is hereby declared to be an emergency <br />measure necessary for the preservation of the public peace, welfare and safety <br />of this City, and for the fusther xeason that the immediate issuance and sale <br />of the notes herein authorized is necessary to provide funds with which to <br />retire presently outstanding notes and thereby protect the credit of this City; <br />wherefore, this ordinance sha11 take effect and be in fnrce immediately upon <br />its passage and approval by the Mayor. <br />PASSED: <br />ce <br />ATTEST : `..??c-C?c-? <br />Clerk af Council <br />APPROVED: <br />L <br />9?L_7 <br />Mayor <br />??-.??. ?-•?.?-'!? <br />? / 0 V'"`?`'L`r? t??T?. <br />,. <br />President of louncil <br />. ?'