68-086 Ordinance - Laserfiche WebLink

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r . ', Page 2 Section 6: All assessments collected from the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvements have been paid, shall be applied to the payment of said note and the interest thereon until both are fully provided for. Section 7: Subject to the rejection of said note by the Director of Finance for investment in the bond retirement fund, said note shall be and hereby is awarded and sold to The National City Bank of Cleveland, Clevel.and, Ohio, at the par value thereof; and the Director of Finance is hereby authorized and directed to deliver said note, 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 fund and used for the purpose for which said note is being issued under the provisions of this ordinance. Section 8: Said note shall be the full general obl3gation of the City and the full faith, credit and revenue of said City are hereby pledged for the prampt payment of the same. The par value to be received from the sale of the bonds anticipa,ted by said note•and any excess funds resulting frarn the issuance of said note shall to the extent necessary be used for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9: 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 maturity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon; provided, however, that during the year or years while such note runs there shall be levied on all the taxable property in said City, 3n addition to all other taxes, a direct tax annually not less tha.n that which 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,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 sha11 be p].a,ced before a.nd in preference to all other items and for the fu11 amount thereof. The funds derived frcen said tax levies hereby required shall be placed in a separate and d3stinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued when and as the same falls due. Section 10: The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11: This ordinance is hereby decla.red,to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare of said City and for the further reason that the immediate issu.ance and sale of the note herein authorized is necessary to provide ftznds to enable the City to enter into a contra,et for the construction of said improvement which is urgently necessary to protect the health of 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 a.nd approval by the Mayor. PA,ssm: o? l r J,?, (o g ATTEST: g?t 44-0?? Florence Holm,; Clerk of Council APPROVED : ??•Z/ 14 ir Ae? g a , Ra1 E. Christman, Mayor Francis J. 0'Ndtxl , President of Council ? . x. i