67-105 Ordinance - Laserfiche WebLink

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. 2 Section 6: All assessments collected for the improvement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses af said improvements have been paid, shall be applied to the pay- raent of said note and the interest thereon until bothare fully provided for. Section 7: Subject to the rejection of such note by the Director of Finance for investment in the Bond Retirement Fund, such note shall be sold by the Director of I'inance at private sale for not less than par and ? accrued interest and at an interest rate not exceeding that mentioned in Section 4 hereof. The proceeds from such sale, except any premium and accrued interest, shal.l be paid into the proper fund and used for the pwrpose afore- said and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. ? Seetion 8: Said note shall be the fu11 general obligation of the City and the full faith, credit'and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of thebonds . anticipated by said note and any excess funds resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such pur- pose. Section 9: In the event that such assessments are not levied or bonds are not issu6d to provide a fund for the payment of said note at maturity, a general tax shall be levied against all of the property in said City Yor the payment of such note and the interest thereon; provided, however, that during the year or years while such note runs there shall be levied on all the taxable property in said City,,in addition to all other taxes, a direct tax annually not less than that which would have been levied for the City's portion of said note, if bonds had been issued therefor without the prior issue of said note. . Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax dvplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and col7.ected. Said tax sha1l be placed be- fore and in preference to a11 other items and far the full amount thereof. The f"unds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued when and as the same falls due. Section lOt The Clerk is hereby directed to forward a certified copy oP this ordinance to the County Auditor. . 5ection 11: This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare of said City and for the further reason that the immediate issuance and sale of the no-te herein authorized is necessary to prov3.de funds to enable the City to enter into a contract for the construction of said improvement which is necessary to afford fire protection and protect the health and property of the abutting owners and the inhabitants of the City; wherefore this ordinance shall be xn'f"ull force and effect from and immediately after its passage and approval by the Mayor. PASSID: I.u a f ???., ...? ? ATTIST: " f , ., ? _. , Margaret T. W?st, Clerk of Council Francis J. 0'Neill, resident of Council APPROVID : `?_y J - 6 7 Ra ph 11. Christman, Mayor ry +` ? n ,