68-069 Ordinance - Laserfiche WebLink

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- 2 - of-The National City Bank of Cleveland, Cleveland, Ohio. Section 4. For the purpose of providing the necessary funds to pay the inter- est on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to Arovide funds to pay the interest upon said bonds as and when the same falls due, and also to provide a fund for the disbharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of OYiio. Provided, however, that in each year that the assessments anticipated by said bonds are available for the payment of such bonds and axe appropriated for such purpose, the amount of such tax shall be reduced by ? the amount of the assessments so appropriated. Section 5. Said tax shallbe and is hereby ordered computed, certified, levied a,nd extended upon the tax duplicate and collected by the same officers, in the sam.e -manner and at the same time'that taxes for general purposes for each of said yeaxs are certified, extended and collected. Said tax shall be placed before and in pre- ference to all other items and for the f?zl.l amount thereof. The flznds derived from said tax l.evy hereby required shall be placed in a separate a.nd distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. ? Section 6. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and 'interest as the same shall become due and for no other purpose whatsoever. ' Section 7. Said bonds shall be first afPered at par and accrued interest to the officer in chaxge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sald in the manner provided by 1aw. The proceeds from the sale of said bonds, except the premium, accrued interest thereon and capitalised interest, shall be used for the purpose aforesaid and for no other purpose and shall be allocated ta the improvement herein described. The premium, accrued and capitalized interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payr.lent for the principal and interest of said bonds, in the manner provided by law. Section 8. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 9. This ordinance is hereby declared to be a,n emergency measure necessaxy for the preservation of the public peace, welfare and safety of this City, and for the further reason that the note of this;City issued in anticipation of the bonds herein authorized is about to mature and must be retired with the pro- ceeds of the bonds authorized herein in oxder to protect tYie credit of this City; wherefore, this ordina,nce shall take effect and be in force immecliately upon its passage and;si,gnature by the Mayor. ? Passed: , 1968 Attest: ? Florence Holm, Clerk of Council Approved : s-/g' 49 ? R ph L. qLI_stmtn,, Mayor ? Francis J. 0'1Vef 1, President of Council ... Co-? -?- ?Quc& .iu s??3?68 'a s