68-122 Ordinance - Laserfiche WebLink

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i bd '12 ? - 2 - Section 5. A1.1 assessments collected from the improvem,ent afore- said, and an.y unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, sha11 be appliea to the payinent of said notes and the interest thereon until both are fully provided for. Section 6. Subject to the rejection af said notes by the Director of Finance for investi:uent 3n the Bond Retirement Fand, said notes shall be and hereby axe awarded and sold to The National City Bank of Cleveland, Cleveland, Ohio, at the par value thereof; and the Director of Finance is hereby authorized and directed to deliver said notes, when executed, to said purchaser upon payment of such purchase price and, accrued interest to the date of delivery. The proceeds of such sale shall be paid into the proper fluzd an,d used for the purpose for which said notes are being issued under the provisions of this ordinance. Section 7. Said notes sha11 be the full general obligations of the City and the ful.l faith, credit and revenue of said City are hereby , pledged for the prompt-payment of the same. The par value to be received from the sa1.e of the bands anticipated by said no-tes and any exeess funds resulting from the issuance of said notes shall to the extent necessary be used for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. Sn the 'event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said City for the payment of such notes and the interest thereon; provided, however, that during the year or years while such notes run there shall be levied on all the taxable property in said C3ty, in ad.dition to al1 other ta.xes, a direct tax annually not less than that which would have been levied for the City's portion of said notes if bonds had been issued therefor,without the prior issue of said notes. Said ta.x 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 yeaxs are eertified, extended and collected. Said tax shall be,placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest coll.ected on the same, sha11 be irrevocably pledged for the pay- ment of the principal and interest of said notes or the bonds in anticipa- tion of which they are issued wh,en and as the same falls due. Section 9. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. This ordirzance is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare of said City and for further reason that the immediate issuance and sal.e of the note herein authorized is necessary to provide funds-to enable the City to enter into a contract for the construction of said improvement which is usgently necessary to protect the health of the abutting owners and the inhabitants of the City; whexefore this ordi- nance shall be in full force and effect from and irmnediately after its passage and approval by the Mayor. PASS?D• . ? ? . ° -?1968 A7.'i'EST: Maxgaxet T. ,?West, Acting Clerk of Couhc il Q i Franc is J. 0' Ne 1, Pres ident of Counc ' ?/y-? / f/(?? ..• ???,'r'??'r - ? ?'L?' ??.?'?'m"'?iir`Y', Ra1ph E. Chr stma.n, Mayor li x ?a-tta -1 -? ?-w 'I ;, - c4 _? ?????