69-001 Ordinance - Laserfiche WebLink

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? - 2 - Section 6: A11 assessments collected ior the improvement aforesaid, and any uiiexpended balance remainina in t-ne improvemen-t fund ai'ter the casts and expenses of said improvement have been paid, shall be applied to the pa;finent of said note and the interest thereon un-til both are fully provided for. ? Sec-tion 7: Subject to the rejection of such noJce by the Director of Finance for investment in the Bond Retiremenl; Fund, such note sha11 be sold by the Director of Finance at private sale for not less than par and accrued interest and at an iriterest rate not exceeding that itientioned in Sec tion 4 hereof. The proceeds from such sale, except any premium and accrued in?erest, 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 note shall be the full general obligation af the City and the full faith, credit a,nd revenue of said City are hereby pledged for the prompt payment of the same. The pax value to be received fr.om the sale of the bonds anticipa,ted by said note and any excess funds resul-Ling from the issuance of said • note shall ta the ext;ent necessary be used only for the retiremen-L- of said not-e at maturity, together with interes'u- thereon, and is hereby pledged for s,_:ch purpose. Section 9: in the event that such assessmen'u-s are not levied or bonds are not issued t,o provide a funcl -for the payment of sa3d i7ote at rraturyty, a grreneral tax shall be lev?ed agains'u all pf the property in said Ci-ty for the pa;jment of such note and the interest thereon; provided, klowe;rer, tha-c during the year or years while such note runs there shall be levied on all the taxable propertSr in said Ci l"y, in addition to all other 'Uaxes, a direc-L i;ax annually not less than that wr,ich would have been levied for 1-lhe City's portion of said note, if bonds had been issuecl therefor without the prior issue oi said note. Said tax sha,ll be and is hereby ordered computed, certified, levied and ex- tended upon the tax duplicaie and collected by the same officers, in the same manner and at the sarne time that ,a.Yes for general purposes :Por each of said years are certified, extendecl and collected. Said tax shall be placed before and in preference to all other i';,ems and for -i;he :Cull amount thereof. The i'unds derived i'rom said t;ax levies hereby required shall be placed in a separat;e and distinct fund, ti•rhich, together tisitih the interest collected on the same, shall be irrevocably pledged For -the pa;,rment- of the principal and interest of said no-te or the bonds in anticipa,tion of j-rhich it is issued when and as the same falls due. Section 10; The Clerk i.s hereb;r direc-ted to fonrard a certified copy of this ordinance to the Coun-ty Auditor. Section 11; This ordinance is hereby declared tn be an emergency measure necessary for the immeaiate preserva-t;ion oi' the public health, safety and welfare of said City and for the :Purtizer reason that the irimediate issuance and sa]_e of the no-te nerein au-chorized is necessary to pravide funds to enable the City to enter into a contract for the tionstruction of said inlprovement which is urgently necessary to protect the health oi the abutting owners and the inhabitants of the City; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval by the Mayor. PASSED: ATTEST: ? L FlorenceHolm, Clerk of Council Francis J. 01:ei 1, President of Council APPROVED : 11 7A / \\,) alph 5. CYiristman, Mayor? cl . ?., /- 9- 6 y C'.?.1 • c.,/.67 Cr • Q4, J.