70-062 Ordinance - Laserfiche WebLink

Home Browse Search

.A - 2 - Section 5. Such notes sha11 be signed by the Ma.yor and Director of Finance and bear the seal of the corporation. They sha11 be payable in Federal Reserve funds of the United States of America at the main office of the Na,tional City Bank of Cleveland, Cleveland, Ohio, and sha11 express upon their faces the purpose for which they axe issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes sha11 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 sa1e, except any premium and accrued interest, sha11 be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest sha11 be deposited 3n the Bond Retirement Fund. Section 7. Saa.d notes sha11 be the full general obligation of the City and the fu11 fa3th, credit and revenue of such City are hereby pledged for the prompt payment of the sam.e. The par value to be received from the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes sha11 to the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section $. During the year or yeaxs such notes run there sha11 be levied on a11 the taxable property in the City of North Olmsted in addition to a11 other taxes, a direct'tax annually not less than that which would have been levied if bonds had been issued without the'prior issue of such notes; provided, that the amount of such tax sha11 be reduced to the extent that surplus earnings of the sewerage system sha11 be available and appropriated for the pa,yment of interest and principal-of such notes or of the bonds anticipated thereby. Said tax sha11 be and is hereby ordered computed, certified, levied and ex- tended upon the tax duplicate and collected by the same officers, in the same manner and at the same time tha.t taxes for general purposes for each of said years are certified, extended and collected. Said tax sha11 be placed before and in lmeference to a11 other items and for the full amount thexeof. The funds derived from said tax levies hereby required sha11 be placed in a separate arid distinct fund, which, together with the interest collected on the same, sha11 be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued, when and as the same fa11 due. Section 9. It is hereby determined and recited that a11 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 obligations of the City of North Olmsted have happened, been done and performed in regular and due form as re- quired by law and that no limitation of indebtedness or taxation, either statutory or constitutional w5.11 have been exceeded in the issuance of said notes. Section 10. The Clerk of Council is hereby authorized and directed to for- waxd a certified copy of this ordinance to the County Auditor of Guyahoga County. Section 11. This ord.inance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, ancl for the further reason that the i.mmediate issuance and sale of the notes herein a.uthorized is necessary to provide funds with which to retire a presently outstand.ing note and thereby protect the credit of this City; wherefore, this ordinance sha11 take effect and be in foree immediately upon its passage and approval by the Mayor. Passm: , 1970 ATTEST: Nora T. Hill, Clerk of Council APPR%ED: .3//017Q , n /L Dewey H. Limpert Acting President Pro Tem Rafph E. Christman, Mayor ?