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<br />- 2 - <br />maturitip there eha11 be and ia hereby levied on the taxable property in <br />the Citp of lbrtb Olaeted, in ad8ition to sll other taxes, a direct t,ax <br />anaual].,y Qurirg the period said bonde are to run in an amount eufficierrt <br />to Drovide funcls to pay? the interest upon said bonds as and When the seme <br />fall due, and a18o to provide a i'tind Por the discharge of the principal of <br />said seriai bonds at maturi,ty, rrhich tax shall not be less the.n the interest <br />and sinking ilind tax required br Section 11 of Article XII ot the Constitution <br />of Ohio; provided, twverer, that in each year that the aesessments anticipated <br />by said boad• are available tbr the payment of such bonds and are appropriated <br />!or such patjxose, the ameuat of such tax shell be reduced by the amount of <br />the asaesments oo appropriated. <br />Section 5: Said tex shall be and is hereby ordered aomputed, <br />• cortifisd, levied and extended upon the tax duplicate and collecte3 by the <br />Same ottieers, in the aame manner aad at the saw time that tsxea !or general <br />purposes for etah of eaid Teers are certified, extended and collected. 3aid <br />tax shall be plseed beibre and in preference to all other items and !br the <br />lull amaurit thereot. The PunQs derived from said tax levy hereby required <br />shall be placed in asepsrete and distinct fund, vhich, together xith the <br />interest oollected on the saae shall be irrevocably pledged for the payment <br />of prineipal and interest on aaid borxis when and aB the same fall due. <br />8ection 6: That all installmenta of said aeseasments atA all portions <br />thereot, together vith interest thereon, shell be applied to the payment of <br />said bonds a,nd interest as the ssae shall become due arld Por no other purpose <br />w2utsoever. <br />3ection 7s 3aid bonds shall be Pirst offered et par and accrued <br />intereat to the otficer in charge of the Bond Retirement Fund in his ofticial <br />capacity., and if said officer retl,ises to take ary or all of said bonds, then <br />eaid bonds not so taken shall be advertised for public sale and sold in the <br />manner provided by law. The proceeds Prom the sale of said bonds, except the <br />pr'eniua, accrtied intereat therEwn ard capitalized interest, sha11 be usedlbr <br />t2e pirpose ataresaid and for np other purpose and be allocated to the improve- <br />aent herein deecribed. <br />The premium, acerued and capitalized intereat received from sueh asle <br />shall be transferred to the Bond Retirement F1xnd to be applied to the payment <br />of the principal and interest of said bonds, in the manner provided by laW. <br />9ection 8: The Qerk of Council ia hereby authorized anl directed <br />to certily a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, <br />according to law. <br />3ection 9: This orQinsr?ce ia bereby declared to be an emergency <br />measure necessary for the preservation of the public peace, welfare and safety <br />of thia City, and for the :'urther reaaon that the note of this City issued <br />Por this ypprorannt is about to mature and muat be retired vith the proceeds <br />of the bonds authorized herein in orde.r to protect the credit of this City; <br />vherelore, this ordinanee ahall take efPect and be in Porce immediately upon <br />ite passage and signature by the Mqyor. <br />0 <br />Ralph E Christman, Mayor <br />? <br />, <br />Francis J. 0 Nei?. , President of Counc <br />N'-?r , <br />. <br />APPADVED : ,)./•i.,//& '