69-010 Ordinance - Laserfiche WebLink

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IW CITY OF NORTH OLMSTED - 2- N0. 69-?Q Section 6. Sa,ic'i note shall be the fu11 general obligation of the City and the full faith, credit and revenue of such 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 nate and any excess funds resulting from the issuance of said no't;e shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and are hereby pleoged for such purpose. Section 7. Al1 assessments collected for the improvement aforesaid and any unexpended balance in the improvement fund after all costs and ex- penses of such improvement have been _paid, shall be applied to the payment of saa.d note and the interest thereon until both are fully provided for. Section S. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said note at matur- • ity, a general tax shali be levied against all of the property in said City for the payment of 'such note and the interest thereon; provided, however, that dur- ing the year or years while such note runs there shall be levied on all the taxable property in said City, in addition to a11 other taxes, a direct tax annually not less than that vahich would have been levied for the City's portion of said note, if bonds had been issued therefor without the prior issue of said note. Said ta,x sha1.l be an:i is hereby ordered computed, certified, levied and extended up4n 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 a11 other items and fcr the full amount thereof. The funds derived from said ta,x 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 inter- est of said note or the bonds in anticipation of which it is issued tithen and as the same fa11s due. Section 9. It is hereby determined and recited that al1 acts, con- ditions and things necessary to be done preceaent to and in the issuing of said note in order to make the same a legal, valid and binding obligation of tn.e City of North Olmsted have happened, been done and perfbrmed in regular and due form as required by law and that no l.imitation of indebteciness or tax- ation, either statutory or constitutional will have been exceeded in the issu- ance of said note. Section 10. The Clerk of Cauncil is hereby authorized and directed to forward a, certified copy of this ordinance to the County Auditor of Cuya- hoga County. Section 11. `I'his ordinance is hereby c?eclared to be an emergency measure necessary for the preservation of the public peace, welfare and safety'of this Cit;r, a.nd for the further reason that the immediate construc- tion of said improvement is necessary to eliminate existing hazards to pedes- trian and vehicular traffic; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Mayor. (: PAS SED : cA 1 ,1969 - `LC'L--ti..-? : ,; , i) ??.._a. ??-j-taAA4Z Francis J. 0'Nei 11, President of Council ATTEST: Florence Hotm, Clerk of Council APPROVED : ! / 2. ,1.96 g RWIg 2 • . 10 A.4P-tu?? Ralph . Christman, Mayor : !Y ..• . c?. /72./to9 L 1?y ??