69-217 Ordinance - Laserfiche WebLink

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s - 2 - 6 ?- Z_/7 shall express on its face the purpose for which it is issued and that it is issued pursuant -co this ordinance. Section 5. Subject to the rejection of such note by the Director of Finarce for investment in the Bond Retirement Fund, such note sha11 be sold by the Director of Finance at private sale at an interest rate not exceeding eigit per centum per annum. The proceeds from such sale, except any premium and accrued in.terest, shall be pa,id into the proper fund and used far the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retire- ment Fund. Section 6. Said note shall be the full general obligation of the City and the full faitYi, credit and revenue of such City are hereby pledged for the prompt payment of the sazne. The par value to be received from the sale of the bonds anti- cipated by said note and any excess funds resulting from the issuance of said note shall to zhe extent necessary be used only for the retirement of said note at maturity, together w:ith interest thereon, and are hereby pledged for such purpose. Section 7. All assessments collected for the improvement aforesaid and any unexpended balance in the improvement fund after all costs and expenses of such im- provement have been paid, sria,ll be applied to the payment of said note and the interest thereon until both a,re fully provided for. Section 8. Tn the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of sa,id note at ma,turity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon. Section 9. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said note in order to make the same a legal, va].id and binding obligation of the City of Pdorth Olmsted have happened, been done and performed in regular and due form as required by law and that no limitation of indebtedness or taxation, either statutory or constitu- tional will have been exceeded in the issuance of said note. Section 10. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ordinance to the County Auditor of Cuyahoga County. Section 11. This ordinance is hereby declared tobe an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the immediate issuance and sale of the note herein authorized is necessary to provide funds with which to retire a presently outstanding note a.nd thereoy prouect the cxedit of this City; wherefore, this ordinance shall take effect and be in force imnnediately upon its passage and ap- proval by the Mayor. Passed: I (.? , 1969 ? Attest: CfL.) orence Holm, Clerk of Council Approved : /.Z,// L A 9 ? Cst.s,t R ph E. Christman, Nayor 41',? ?. - Francis J. 'Nei l, Pr sident of Council ..? Ge'J. eo ?y C4y.19 ,?. `2 12./?, _?o.'i Ed I 1,/ 2. z'6 ?