67-099 Ordinance - Laserfiche WebLink

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? - 2 - Section 7: Stzbject to the rejection of said note by the Director of Finance for investment in the bond retirement fund, said note shall be and hereby is awarded and sold to The National City Bank of Cleveland, Cleveland, Ohio, at the par value thereof; and the Director of Finance is h.ereby authorized and directed to deliver said note, when executed, to said purchaser izpon pay- ment of such purchase price and accrued interest to the date of delivery. The proceeds of such sa1.e shall be paid into the proper t'und and used for the pur- pose for which said note is being issued under the provisions of this ordinance. . . ? . . . . . . Section 8: Said note shall be the full 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 the bonds anticipated by waid note and any excess t'unds resul.ting from the issuance ' of said note shall to the extent necessary be used on1.y for the retirement of ? said note at maturity, together with iriterest thereon, and is hereby pledgefl for such purpose. . Section 9: In the event that such assessments are not levied or bor.ds ' are not issued, to provi.de a fund for the payment of said note at maturity, a • genea.^al tax shall be levied against all of the property in said City for 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 thap 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 duplicate and callected by the same oPficers in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to al1 other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separat(? 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 10: The C1erk of Couneil is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section ll: This ordinance is hereby declared to be an ernergency measure necessary for the immediate preservation of the public health, safety and welfare of said City and t'or the further reason that the immediate issuance and sale of the note herein authorized is"necessary to provzde flznds to enable the City to enter into a contract for the construction of said improvemat which is urgently necessary to protect the health of the abutting owners and the inhabitants of the City; wherefore thi,s ordinancq sha.7.l be in full force and effect from and immediately after its passage and approval by the Mayor. PASSID: ? tI ?'??-?.r?.?' ??. ? ?•` . ATTEST:' Q,4.? ? Margaret . West, Clerli of Council Francis J. 0`Neill, ident of Council APPROVID : J? ?,? /e 6 7 / , Ralph . Chri stman, Mayor 3 .. c