67-072 Ordinance - Laserfiche WebLink

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? - 2 - 6 7-7 L Section 3: Said bonds shall be signed by the Mayor and Director of Finance, provided that one of such signatures may be a facsimile signature, and shall bear the corporate seal of said City. Interest eoupons attached to said bonds sha11 bear the facsimile signature of the Director of Fi.nance printed or lithographed thereon. They shall be desig- nated "Sewer Improvement Bonds", and shall be payable in lawful money of the United States of Amerzca at the main office of The National City Bank of C1evel.and, Cleveland, Ohio. Section 4: For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial oonds at maturity, there shall be and is hereby levied on the taxable property in the City of North Olmsted, in addition to all other taxes, a ' direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fa7.1 due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax sha11 not be less , than the interest and s:inking fund tax required by Sectian 11 of Article XII of the Constitution of Ohio; provided, however, that in each year in whieh surplus earnings of the sanitaxy sewerage system shall be available and appropriated to pay the interest on and principal of said bonds, then to that extent the tax herein provided fcr shall be reduced accordingly. Section 5: Said tax.shall be and is hereby ordered conrputed, certif'ied, levied and extended upon the tax duplicate 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 colleeted. Said tax shall be placed before and in preference to a11 other items and for tlie fu11 amount thereof. The funds 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 shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6: Said bonds shall be first offered at par and accrued interest 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 bonds, thEn said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said bonds, except the premium, accrued interest thereon and capital.ized interest, shall be used for the purpose aforesaid and for no other purpase and be al.located to the improvement herein described. The premium, accrued and capitalized interest re ceived from such sale shall be transferred to the Bond Retirement Fund to be applied to the paymentof the principal and interest of said bonds, in the manner provided by 1aw. . , Section 7: The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to lawo Section B: This ordinance is hereby declared to be an emergency nzeasure 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 in anticipation of these bonds is about to mature and must be retired with the proceeds of the bonds authorized herein in order to protect the credit of this City; wherefore, this ordinance shal.l take effect and be in force immediately upon its passage and signature by the Mayoro PASSID : IITTEST : T. We t, Clerk nof?' ounc Margare` •?i/ ? ? APPROVED: Ra1.ph Eo Christman, Mayor ... ? ? . _ -L_C'?. Francis J. 0 Neil3.,, President of Council