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? - . <br />- 2 - <br /> <br />Section 4. For the purpose of providing the necessary funds to pay the inter- <br />est on the foregoing issue of bonds promptly when and as the same falls due, and <br />also to provide a fund sufficient to dischaxge the said serial bonds at maturity, <br />there shall be and is hereby levied on all taxable property in the City of North <br />Olmsted, in addition to all other taxes, a direct tax a,nnually during the period <br />said bonds axe to run in an amount sufficient to provide funds to pay the interest <br />upon said bonds as and when the same falls due, and also to provide a fund for the <br />discharge of the principal of said serial bonds at maturity, which taac shall not <br />be less than the interest and sinkin$ fund tax required by Section 11 of Article <br />,?II of the Constitution of Ohio. Provided, however, that in each year that the <br />assessments anticipated by said bonds are available for the payment of such bonds <br />and are appropriated for such purpose, the amount of such tax shall be reduced by <br />the amount of the assessments so appropriated. <br />? Section 5. Said tax shall be and is hereby ordered-computed, certified, levied <br />and extended upon the tax duplicate and collected by the sazne officers, in the same <br />manner and at the same tiMe that taxes for general purposes for each of said years <br />axe certified, extended and collected. Said tax shall be placed before and in pre- <br />ference to all other iteris and for the full amount thereof. The funds derived from <br />" said tax levy hereby required shall be pla,ced in a sepaxate and distinct fund, which, <br />together with the interest collected on the same shall be irrevocably pledged for <br />the payment of principal and interest on said bonds when and as the same fall due. <br />Section 6. That all installments of said assessments and all portions thereof, <br />together with iaterest thereon,•shall be applied to the payment of sa3d bonds and <br />. interest a,s the same shall become,due and for no other purpose whatsoever. <br />Section 7. Said bonds shall be first offered at pax and accrued interest to <br />the officer irk charge of the Bond Retirement Fund in his official capacity, and if <br />, said officer refuses to take any or a11 of said bonds, then said bonds not so taken <br />shall be advertised for public sale and sold in the manner provided by law. The <br />proceeds from the sale of said bonds, except the premium, accrued interest thereon <br />and capitalized interest, shall be used for the purpose aforesaid and for no other <br />purpose and shall be allocated to the improvement herein described. <br />The premium, acerued and capitalized interest received fror. such sale shall <br />be transferred to the Bond Retirement Fund to be applied to the payment for the <br />principal and interest of said bonds, in the manner provided by law. <br />Section 8. The Clerk of Council is hereby authorized and directed to certify <br />a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. <br />Section 9. This ordinance is hereby declaxed to be an emergency measure <br />necessary far the preservation of the public peace, welfare and safety of this <br />City, and for the fZrther reason that the note of this City issued in anticipation <br />of the bonds herein authorized is about to mature and must be retired with the pro- <br />ceeds of the bonds authorized herein in order to protect the credit of this City; <br />wherefore, this ordinance shall take effect and be in force immediately upon its <br />passage and signature by the NIayor. <br />Passed: 1968 <br />Attest : ... <br />CR.? p.? <br />? lorence Ho1m, Clerk of Council Francis J. 0'Nei , President of Council <br />Approved: 8/G? <br />? <br />R ph E. Christman, Mayor <br />t <br />Po St4 Sl/ 3 <br />16?