67-073 Ordinance - Laserfiche WebLink

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r '. -2- maturity, there shall be and is hereby levied on the taxable property in the City of North 0lmsted, in addition to all other taxes, a direct tax annually duxing the period said bonds are to run in an amount sufficzent to provide funds to pay the interest upon said bonds as and when the sarie fall due, and also ?o provide a fund for the discharge of the principal of said serial bonds at ma-turity., wh?ch tax sha7..1 not be less than the interest and sinkirg fund tax required by Section 11 of Article XII of the Constitution oF Ohio; provided, however, that in each year that the assessmerits anticipated by said bonds are avazlable for the payment of such bonds and are appropriated for such purpose, the a.mount of such tax shall be reduced by the amount of the astiessments so appropriated. Section 5: Said tax shall be and is hereby ordered computed, ce.rtified, levied and extended upon the tax duplicate and collected by the ? same officers, in the sasne 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 all other items and for the full arnaunt thereofo The fund.s derived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the ? interest collected on the same sYia11 be irrevocabl.y pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6: That a1.1 installments of said assessments ancl all portions thereoi', together with interest theareon, shall be applied to the payment of said bonds and interest as the same sha11 becorne due and for no other purpose whatsoevera Section 7: Said bonds shall be first offered at par and accrued ir.terest to,the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take any or all of said bondw, then said bonds not so taken shalZ be advertised for public sale arid sold in the manner provided by law. The proceeds from the sale nf said bonds, except the premium,,accrued interest thereon and capitalized interest, shall be usedfbr the purpose aforesaid and for no other purpase and be allocated to the improve- ment herein describedo The premium, accrued and capitalized interest received from such sale sha.ll be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, in the manner provided by law. Section 8: TYie Clery. of Council is hereby authorized and directed to certify a copy of triis ordinance to the 1luditor ot' Cuyahoga County, Ohio, according to lavi. Section 9: This ordinance is hereby declared to be an emergency measure necessary 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 for this improvement is about to mature and must be ret9_red with the proceeds of the bonds authorized 'nerein in order to protect the credit of this City; Wherefore, this ordinance shall take effect and be in force iLqmediately upon its passage and signature by the Mayoro ? .._ r ? < ._ . . c_ Francis J. 0 Neil , President of Council ? . Ralph E Christman, Mayor a- a 3."?° 7 ? APPROVE): a2-/•'1-//b ?