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/ - 2 - Section 4. For the purpose of providing the necessary funds to pay the in- terest on the foregoing issue of bonds prarnptly when and as the same falls due, and also to provide a fund sufficient to discha,rge the said serial bonds at matuxity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct ta.x annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund for`the dischaxge of the prineipal of said serial bonds at maturity, which tax shall not be less tha.n the interest and sinking fund tax required by Section 11 of Artiele XII of the Constitution of Ohio. Provided, however, that in each yeax that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be co reduced by the amount of the assessments so appropriated. Section 5- Said tax shall be and is hereby ordered ccanputed, certified, levied and extended upon the tax duplicate and collected by the same officers, in ,the same maxiner and at the sarae 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 flil.l amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate and dis- tinet f'und, wilich, together with the interest collected on the same shall be ir- revocably pledged for the payment,of principa,l and interest on said bonds when and as the same fall due. Section 6. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and 3nterest as the'same shall beccene due and for no other purpose whatsoever. Section 7. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds fram the sal.e of said bonds, except the premium, acerued interest thereon and capitalized interest, shall be used for the purpose aforesaid and for no other purpose and be allocated to the improvement herein described. The City covenants that the proceeds of said bonds shall not be invested or used in such manner that any of said bonds would be "arbitrage bonds" for purposes of Section 103 (d) (1) of the Internal Revenue Code of 1954• The premium, aecrued and capitalized interest received fram such sale shal.l be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, in the manner provided by la.w. Section 8. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 9. This ordinance is hereby deelared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the note of this City issued for this im- provement is about to mature and must be retired with the proceeds of the bonds authorized herein in order to protect the credit of this City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and signature by the Mayor. cw PASSED : 11"-e- / - ? 1 y (V ATTEST : Nora T. Hill, Clerk of Counei APPROVED : u /1 °117U . Ralp E. Christma,n, Mayor .,