68-172 Ordinance - Laserfiche WebLink

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'4?` - .. - 2 - Section 7. During the year or years such note runs there shall be levied on a11 the taxaale property in 'Uhe City of North OJmsted in addition to all other taxes, a direct tax annually not less than that which would ha.ve been levied if bonds had been issued without the prior issue of such note; provided, that the amount of such tax shall be reduced to the ertent that surplus earnings of the sewerage system shall be avail.able and appropriated for the payment af interest and principal of such note or of the bonds anticipated thereby. Said tax shail be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and colZectea by the same officers., in the same manner and at the same time that taxes f'or general purposes for each of said years are certified, extended and collected. Said tax sha1,1 be pl.aced before and in preference to all other items and for the full amount thereof. The funds derivecl from said tax levies hereb3r reauired sha1l be placed in a separate and distinct i'und, which, together witih the interest collected on the same, sha1.1 be irrevocably pledged for ? the payment of the principal a,nd interest of saici note or the borids in anticipation of which it is issued., when and as the same fall due. Section 8. 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 lega1, valid and binding obliga-tion of the City of North 0lmsted 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 constitutional wi1l have been exceeded in the issuance of said note. Section.9. The Clerk of Council is hereby authorized and directed to forward a certified copy of this ord.inance to the County Auditor of Cuyahoga County. Section 10. This ordinance is hereby declared to be 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 presentl.y outstanding note and thereby protect the credit of this City; wherefore, this ordinance shall take effect and be in force immediatel,y upon its passage and approval by the Mayor. Passed; , 1968 ? Attest; c?? 44, Florence Holm, Clerk of Council. : _? - v?t....r.`. .?....-?- Francis J. 0'Nei?Il `President of Council Approved : / 1 1616 8 ce 44-'-4z? Ra ph E. Christman, N1ayor (16 fj . U,ud- ',l 716 g osfa if jglb8