69-088 Ordinance - Laserfiche WebLink

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?? _. . CITY OF NORTH OLMSTED -2- ORDINANCE N0. Section 3. Said bonds shall be executed by the Mayour and Director of Finance and shall bear the corporate seal of saici l;ity. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or lithographed thereon. They shall be payable in lawful money of the United States of America at the office of The National City Bank of Cleveland, Cleveland, Ohio. ? Section 4. For the purnose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial boiRds at maturity, there shall be and is hereby levied ? on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax re- quired by Section 11 of Article XII of the Constitution of Ohio, provided, however, that in each year that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose,, the amount of such tax shall be reduced by the amount of the assessments so appropriated. Section 5. 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 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 all o'ther items and for the full amount thereof. The funds derived from said tax levy 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 princi- pal and interest on said bonds when and as the same fall due. Section 6. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same shall become due and for no other purpose whatsoever. Section 7. Said bonds shall be first offered at par and accrued in- terest to the officer in charge of the Bond Rdtirement Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so talcen shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said bonds, except the premium, accrued interest thereon and capitalized interest, shall be used for the purpose aforesaid and for no other purpose and be allocated to the improve- ment herein described. The premium, accrued and capitalized interest received from such sale Apk shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, in the manner provided by law. Section 8, The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. ; L