64-255 Ordinance - Laserfiche WebLink

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A ! (11? CITY OF NORTH OLMSTED Section 6; Said note shall be the full general obligation of the City of North Olmsted 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 bonds anticipated by said note and any excess funds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. ORDINANCE NO. 64- Page 2 • Section 7: All assessments collected for the improvement aforesaid and any unexpended balance in the improvement fund after all costs and expenses of such improvement have been paid, shall be applied to the payment of said note and the interest thereon until both are fully provided for. In the event such assessments are not collected or bonds are not issued to provide for the payment of said note at maturity, a general tax shall be levied against all of the property in said City for the . payment of such note and the interest thereon. Section 8: The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the Auditor of Cuyahoga County, Ohio. Section 9: This ordinance supersedes Ordinance No. 64-214 passed on September 15, 1964 and accordingly said Ordinance • No. 64-214 is hereby repealed. Section 10: This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety for the City and for the further reason that prompt construction of such sidewalks is necessary to pedestrian safety and convenience; wherefore, this ordinance shall take immediate • effect from and after its passage and approval, PASSED: ?.? `?'? L/ ATTEST: Francis J. O'Neill, President of Council Margaret T. W est, Clerk of Council APPROVED: Ralph E. Christman, Mayor