66-059 Ordinance - Laserfiche WebLink

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? 66"s"9 - 2 - express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 6. Subject 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 sald to The National City Ba,nk of Cleveland, Cleveland, Ohio, at the par value thereof; and the Director of Finance is hereby authorized and directed to deliver said note, when executed, to said purchaser upon payment of such purchase price and accrued interest Q to the date of del.ivery. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. • Section 7. 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 pa,yment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess funds xesulting from the issuance of said note shall to the extent necessary be used only for the retirement of said pote at maturity, together with interest there- on, and is hereby pledged #'or.such purpose. Section 8. During the period while such note runs, there shall be 'levied on all the taxable property in said City, in ad.dition to all other taxes, a direct tax annually not less than that which would ha.ve been levied if bonds had been issued without the prior issue of said note; provided, that the amount of such tax shall be reduced to the extent that surplus earnings of the sewerage system shall be available and appropriated for the payment of interest and principal of such note or of the bonds antic3pated thereby. Said tax shall be.and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the satne officers, in 'I the same manner and at the same time that taxes for general purposes for each of said years are certi.fied, extended and collected. Said tax shall be placed before and in preference to a11 other items and for the full amount thereof. The funds 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, sha.ll 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 fa,lls due. Section 9. The C1erk of Council is hereby directed to forward a certified eopy of this ordinance to the County Auditor. Section 10. 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 note herein authorized is necessary to provide funds to enable the City to retire its existing indebtedness and thereby preserve its credit; wherefore, this ordinance shall be in full force and effect from and immediately after 3ts passage and approval by t MB.yor. `Q Passed: March 15, 1966 rt ?-e..? 0 0 Piesident Attest : ?J App oved tf 3 1 y' 1966 ` •C? %1e Council ?j •. / Mayor . .. .? V: . . . , . . .. . . . . .. ,?. . . . . . . . . . . . . . . ..• ' .. . . . . . . . .. ' . . . . . . . . . . . . . . . . ? , . . . ' . . ... _ . . , .. . . . . . . .. .. . . d , . . .... . . .., : .... . . .