70-046 Ordinance - Laserfiche WebLink

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? - 2 - Section 6: All assessments collect;ed for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7; Subject to the rejection of such notes by the Director of Fina,nce for investment in the Bond Retirement Fund, such notes sha1.1 be sold by the Director of Fina.nce at private sale at an interest rate not in excess of that specified in Section 4. The proceeds from 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 siiall be the full general obligations of the City a,nd -the fu11 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 a.ny excess f'unds resulting from the issuance of said notes shall to the extent necessaxy be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. r Section 9; In the event that such assessments are not levied or bonds axe not issued to provide afund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said City for the payment of such notes and the interest thereon; provided, however, that during the year or years while such notes run there shall be levied on a11 the taxable property in said City, in addition to all other taxes, a direct tax annually not less tha,n that which would have been levied i'or the City's portion of said notes if bonds had been issued therefbr without the prior issue of said notes. Said tax shall be and is hereby ordered computed, certif`i.ed, levied and ex- tended upon the tax dupl.icate and collected by the same officers, in the same manner and at 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 a11 other items and for the full amount thereof. The funds derived fran said tax levies hereby required shall be placed in a separate and distinct 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 a.nticipation 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 ordinance is hereby declared to be an emergency raeasure necessary for the irrmiediate preservation of the public health, safety and welfare of said City and f'or the further reason that the irmnediate issuance and sale of the notes,herein authorized is necessary to provide funds to enable the City to enter into a contract for i;Yie construction of saa.d improvement which is urgently necessary to protect the health of the abutting owners and the inhabitants of the City; wherefore, this ordina.nce sha11 be in full force and effect frcan and im- mediately after its passage a,nd approval by the Mayor. PA,SSED ; ATTEST: >&L/ .,?, Nora T. Hill, Clerk of Council APPROVED : ?„ / 7 A7& . Ralp E. Christman, Nayor . f ? 01 rancis J. Q'Ne' Preside of Council i'