69-218 Ordinance - Laserfiche WebLink

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t ! - 2 - 0-4l 8 Section 5. Subject, ta the rejection of such notes by the Uirector 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 ihan par and accrued interest. The proceeds frm such sale, except any premium and accrued interest, sha17 be paid into the proper fund and used for -uhe purpose aforesaicl and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retixement Fund. Section 6. Said notes shall be the fu11 general obligation of the City and 'the full faith, credit and revenue of such City are hereby pledged fbr the proanpt 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 frora the issuance of said notes shall to the extent necessary be used only i'or the retirement of said notes at maturity, together with interest -thereon, and are hereby pledged for such purpose. l Section 7. During the year or years such notes run there shall be levied on all the taxable property in the City of North Olmsted in addition to all other taxes, a direct tax annually no;; 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 shall be reduced to the extent that surplus earnings of the sewerage system shall be available and appropriated for t;he payment of interest and principal of such notes or of the bonds anticipated thereby. Said tax shall 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 that ta.xes 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 from said tax levies hereby required sha11 be placed in a separate and distinct fund, which, to- gether with the interest collected on the same, shall 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 fall due. Section 8. It is hereby determined and reci'ued that all acts, eonditions and things necessary to be done precedent to and in the issuing af 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 required by law and,that no limitation oi' indebtedness or taxa,tion, either statutory or constitut;ional will have been exceeded in the issuance of said notes. Section 9. The Clerk of Council is hereby authorized and directed to forward a certiiied copy of this ordinance to the County Auditor of Cuyahoga County. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the preserva-tion of the public peace, welfare and safety of this City, and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide funds witb which to retire a presen-tly outstanding note and thereby protecv the credit of this City; wherefore, this ordi- nance shall take effect and be in force immediately upon its passage and approval by the Mayor. Passed: 1 b , 1969 Attest; cw Florence Holm, Clerk of Council Approved; 1./i ? ? • liValph E. Chri s tmari, Mayor ? o(q-?-'L1_ C_L?'3 Francis J. , esident of Cour c14? • UQ..4, '? Q-? &4• 1 ''1dq ?0%t?j "'/i s'44'