70-047 Ordinance - Laserfiche WebLink

Home Browse Search

.---- __. - - 2 - Section 6; All assessments collected for the improvement aforesaid, and any unexpended balance remaa.ning in the i.mprovement fund after the costs and expenses of said amprovement have been paid, shall be applied to the payment of said notes and the interest thereon until both are flzlly provided for. Section 7: Subject to the rejection oi' such notes by the Director of Finance for investrnent in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Section 4. The proceeds frcgn such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 8: Said notes shall be the full general obligations of the City and the full faith, credit and revenue of said City are hereby pledged for the ' prompt payment of the same. 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 shall to the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Seetion 9: In the event; that,such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity., a general tax shall be levied a,gainst all of the property in said City for the paymen-t of such notes.and the interest thereon; provided, however, that during the year or years while such notes run there shall be levied on al.l the taxable property in said City, in addition to all other ta,x.es, a direct tax a.nnually not less than that which wauld have been levied for the City's portion of said notes 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 ma.nner a.nd at the same time'that taxes for general purposes for each of said years are certified, extended and collected. Said ta,x shall be placed before and in preference to all other items and for the full amount thereof. The fun.ds derived from said tax levies hereby required shall be placed in a separate and distinet fund, which, together with the 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; The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11: This oriiinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, safety and welfaxe of said City and for the f,i.rther reason that the imediate issuance and sale of the notes herein authorized is necessary to provide funds to enable the City to enter into a contract for the construction of saa.d improvement which is urgently necessar3T-to protect the hea].th of the abutting owners and the inhabitants of the City; wherefore, this ordinance shall be in, full force and effect from and im- mediately after its passage and approval by the Mayor. ?"" PASSED : / f7D ?.r ATTEST: Nora T. Hill, Clerk of Council APPROVED : R h E. Christman, Mayor A ? 0-16 rranca,s i . Council I v