66-207 Ordinance - Laserfiche WebLink

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op i -2- retirement of said note at; maturity, together with interest thereon, and are hereby pledged ior such purpose. Section 7. During the year or years such note runs there shall be levied on al1 the taxabl.e property in the City of North 0lmsted in addition to all other taxes, a direc-t ta.x annually not less than that which would have ? been levied if bonds had been issued without the prior issue of such note; provided, however, that in each year to the extent that the income f`rom the municipal sanitary sewer system is available for the payment of such note and bonds and is appropriated from such purpose, che amount oi' such tax shall be ' reduced by the amount; oi' such income so available and appropriated. Said tax sha.ll be and is hereby ordered, computed, 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 f'or general purposes for each oi saic? years are certified, extended and collected. Said tax sha11 be , pla,ced before and in preference to all other items and for the iull ar,iount thereof. The funds derived from said tax levies hereby required shall be placed in a separate a,nd distinct fund, which, together with the interest collected on the sazne, 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 fall due. Section 8. Tt is hereby determined and recited that a11 acts, conditibns and things necessary to be done precedent to and in the issuing of said note in order to malie the same a 1ega1, valid and binding obligation of the City of North Olmsted have happened, been done and performed in regular and due form as required by law and that no limitation of indebtedness or ta.xation, either statutory or constitutional wi11 ha.ve been exceeded in the issuance of said note. Section 9. The C1.erk of Council is hereby authorized and directed to forwaxd a certi.iied copy of this ordinance to the County Auditor af Cuyahoga County. Section 10. This ordinance is fiereby declared to be an emergency mea,sure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the immEdiate issuance and sale of the note herein authorized is necessary to enablg the City to enter into a construction contract to provide the improvement described above which is urgently required to protect the health of the abutting owners and the inhabitants of i;he City; wherefore, this ordinance shall take effect and be in force immediately upon its passa,ge and approval by the Mayor. Passed: cj1+ 1966 4- . Presiden Council ? Attest: ? APProved: 1966 Clerk i Council Mayor ??. . . . .. . .. . : ,. .