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68-056 Ordinance
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68-056 Ordinance
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2/7/2014 10:08:08 AM
Creation date
1/31/2014 5:21:17 AM
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North Olmsted Legislation
Legislation Number
68-056
Legislation Date
4/2/1968
Year
1968
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;;?-?;;Page 2 <br />Section 7: Subject to the rejection of said note by the Director <br />of Finance for investment in the band retirement fund, sa,id note shall be and <br />hereby is ataarded and sold to The National City Bank of Clevelanci, Cleveland, <br />Ohio, at the par va1u2 thereof; and the director of Finance is hereby authorized <br />and directed to deliver said note, when executed, to saicz purchaser upon payment <br />of such purchase price and acerued interest to the a:ate of delivery. The_pro- <br />ceeds of such sale shall be paid into the proper fund and used for thQ purpose <br />for which said note is being issued unae-r the provisions of this ordinance. <br />Section 8: Said note shall be the f'ull general obligation af the <br />City and tn.e full faitlz, credit and revenue of said City are hereby pledbTed for <br />the prompt payment of the same. Trie parvalue to be r4ceived from the sale of <br />the bonds anticipated by said note and any excess funds resulting from the <br />issuance of said note shall ta the er,tent necessary be used for the -retirement <br />of said note at maturity, together with interest thereon, and is hereby pledged <br />for such purpose. <br />Section 9: In the event that such assessments are not levied or <br />'oonds are not issued t;o provic3e a fund f'or the paymert of sa?d. note at maturity, a <br />general tax shall -be levied a.gainst all. of the pxoperty in said City for the <br />payment of such note and the interest thereon; provideci., hotirever, that during <br />the yea,r or years while such note runs there sYiali be levieci on all the taxable <br />property in said City, irz a.ddition to a11 other tax_es, a direct tax annua,lly not <br />less th.a.n that which ti,rould have been levied for the City's portion of said note, <br />if bonds hadbeen issued the'refor without the prior issue of said note. <br />Said tax shall be and is hereby ordered computed, certifi_ed, levied <br />and extencled upon the tax d.uplicate and collected 'oy the sarne oificers in the <br />same nia,nner and at tiie same tirne that taxes for general purposes for each of <br />said years are certified, extended and collected. Said tax shall be placed <br />before and in preference to al1 other items and for the ful.l amount thereof. <br />The funds derived from said tax levies 'riereby required shall be placed in a <br />separate and distinct f'unci, w'riich, to{;e-ther with the interest collected an the <br />sanie, shall be irrevocably pledged for the payment of the principal and interest <br />of said note or the bonds in anticipation of which it is issued wlzen and as the <br />same falls due. <br />Section 10; Tne Clerk of Council is hereby directed to forward a <br />certified copy of this ordinance to the County Auditor. <br />Section 11: This ordinance is hereby decl4red to be an emergency <br />measure necessary for the imme:ciiate preservation of 'Llhe public health, safety <br />a,nd iaelfai:e of said City and =or the further reason that the irrunediate issuance <br />and sale of the note herein 2,Ut}10"l1Led is -necesvary to pr•ovide funds to enable <br />the City to en-ter into a contract for the construction cf said improvement which <br />is urgently necessary to protect the health of the abutting owners and the <br />inhabitants of the City; wherefore this ordinar_ce sha11 be in -F'ull f'orce and <br />effect i'rom and immedia.tely after its passage and` appraval by the Ma.yor. <br />P:,SSED : <br />aTTEsT : <br />m ,?•?, C.L"1""K Ol: COUY1C11 <br />?.,-- - - <br />fceReNCa ?VaLM <br />APYROVF'J : 4I2"16 Q <br />, <br />?? •? F 7-?? j- President ._yf_ _ _?-_"____-S <br />? • <br />41h+ir <br />istma <br />n, Mayor <br />? • C??:? ????? ?' <br />?o st? ? ??5 ?? g
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