70-063 Ordinance - Laserfiche WebLink

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, 41 - 2 - Section 5• Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the ma,in office of the National City Bank of Cleveland, Cleveland, Ohio, and shall express upon their faces the purpose for which they are issued and tha.t they are issued pursuant to this ord.inance. Section 6. Subject to the rejection of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at an interest rate not exceeding eight per centum per annum and for not less than par and accrued interest. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for tlie purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 7. Said notes shall be the fu11 general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the saxne. The par value to be received from the sale of the bonds anticipated by said notes and any excess funds resulting from the issua,nce of said notes shall to the extent necessary be used only fbr the retiremefit of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 8. All assessments collected for the improvement afore- said and any unexpended balance in the improvement f'und after all costs and expenses of such improvement have been paid, shall be applied to the payment of said notes, and the interest thereon until both are flzlly pro- vided for. Section 9• In the event that such assessments are not levied or bond.s are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the prope?ovided said City for the payment of such notes and the interest thereon; p , however, that during the year or years while such notes run there shall be levied on all the taxable property in said Gity, in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said nates, 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 andat 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 other3tems and for the flzll amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with 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 they are issued when and as the same falls due. Section 10. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing ? of said notes in order to make the same legal, valid and binding obliga- tions of the City of'North Olmsted have happened, been done and performed in regular and due form as required by law and that no limitation of in- debtedness or taxati_on, either statutory or constitutional will have been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance to the County Auditor of Cuyahoga County. .y