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r <br />. <br />. <br />J <br />- 2 - <br /> <br />Olmsted, in addition to a11 other taxes, a direct tax annually during the period <br />said bonds axe to run in an amount sufficient to provide flinds to pay the interest <br />upon said bonds as and when the same falls due, and also to provide a f?a.rid for the <br />discharge of the principal of said serial bonds at maturity, which tax shall not <br />be less than the interest and sinking fund tax required by Section 11 of Article <br />XII of the Constitution of Ohio. Provided, however, that in each year to the extent <br />that the income from the municipal sanitary sewer system is available for the payment <br />of such bonds and is appropriated for such purpose, the amount of such tax shall be <br />teduced by the amount of such income so available and 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 same 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 items and for the full amount thereof. The funds derived from <br />said tax levy hereby required shall be placed in a separate and distinct f1und, 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 sazne fall due. <br />Section b. Said bonds shall be first offered at par and accrued interest to <br />the officer in chaxge of the Bond Retirement Fund in his official capaci,ty, and <br />if said officer refuses to take any or all of said bonds, then said bonds not so <br />taken shall be advertised for public sale and sold in the manner provided by law. <br />The proceeds fr6m the sale of sdid bonds, except the prenium, accrued interest <br />thereon and capitalized interest,,shall be used for the purpose aforesaid and for <br />no other purpose and shall be allocated to the i.mprovement herein described. <br />The premiamn, accrued and capitalized interest received from such sale shall <br />be transferred to the Bond Retirement Fund to be applied ta the payment for the <br />principal and interest of said bonds, in the manner provided by law. <br />Section 7. 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 8. This ordinance is hereby declared to be an emergency measure <br />necessary for the preservation of the public peace, welfare and safety of this <br />City, and for the flxrther reason that the note of this City isaued in anticipation <br />of the bonds herein authorized is about to mature and must be retired promptly <br />with the proceeds of the bonds in order to protect the credit of this City; where- <br />fore, this ordinance shall take effect and be in force immediately upon its passage <br />and signature by the Mayor. <br />Passed: - 1968 <br />Attest: <br />??[J <br />lorence holm, Clerk of Council ? <br />Approved: .S-Ig/6 Q <br />Francis J. 0'Ileill? esident of Council <br />(a ' - <br />?i <br />Wph E. Christman, bIayor <br />C" ?a l 4,Qoqa .Q,?.c% <br />? U} s <br />? S <br />as?d ??JG ?