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T <br />- 2 - <br />Section 7. During the year or years such note runs there shaZl <br />be levied on all the taxable property in the City of North Olmsted in addi- <br />tion to all other taxes, a direct tar> annually not less than that which <br />wou].d have been levied if bonds had been issued without the prior issue of <br />such notes; provided, tha,t the amount of such tax shall be reduced to the <br />extent that surplus earnings of the sewerage system shall be available and <br />ap'propriated for the payment of interest and principal of such notes or of <br />the bonds anticipated thereby. <br />Said tax shall be and is hereby ordered computed, <br />certified, levied and extended upon the tax suplicate and collected by the <br />? same officers, in the same manner and at the same time that taxes for gen- <br />eral purposes for each of said years are certified, extend.ed and colleeted. <br />Said tax shall be placed before and in preference to al1 other items and <br />for the fu11 anount thereof. The funds derived from said tax levies hereby <br />. required shall be placed in a separate and distinct fund, which, together <br />with the interest collected on the saxne, shall be irrevocably pledged for <br />the payment of the principal and interest of said note or the bonds in <br />anticipation of which it is issued, when and as the same fall due. <br />5ection 8. It is hereby determi.ned and recited that all acts, <br />conditions and tYiings necessary to be done precedent to and in the issuing <br />of said note in order to make the same a legal, valid and binding obliga- <br />tion of the City of Nox~th Oltnsted have happened, been done and performed <br />in regzlar and due foxm as required by law and that no limitation of in- <br />debtedness or taxation, either statutory or constitutional will have been <br />exceeded in the issuance of said note. <br />Seetion q. The Clerk of Council is hereby authorized and directed <br />to forward a certified copy of this ordinance to the County kuditor of Cuya- <br />hoga County. <br />Section 10. This ordinance is hereby declared to be an emergency <br />measure necessary for the preservation of the public peace, health and <br />safety of this City by reason of the fact that the prompt construction of <br />said sewers is essential to provide sanitary sewerage facilities necessary <br />to protect the health of the inhabitants of the City; wherefore, this ordi- <br />na,nce shall take effect and be in force immediately upon its passage and <br />approval by the Mayor. <br />P 'EL? as sed : -? <br />, 1967 <br />Attest <br />' Florence Holm <br />Clerk of Council <br />s <br />C-•-o' <br />Fra.ncis J,4: 'Neill <br />Pre sident `b,f.._ ounc3.1 <br />Approved: 0 , 1967 <br />.. <br />i{aIpn E. C'nristmari; ayor <br />? <br />,_. <br />?? <br />?Cl;_., <br />; <br />._. . ? ? _. _., . _