67-072 Ordinance - Laserfiche WebLink

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. - 2 - `7-7 L LJ Bection 3: Said bonds sbell be signed by the NWr and Director of pineace, provided thd one of suah eignatures may be a facsimile signature, sad shall bear t.bs oorporate seal of 0aid City. lnterest coupons attached to sal,d bonds sliall bear the facsimile signature ot the Director of Finance printeQ or litAographed thereon. They shall be deaig- nated "Sever Itiprovement Boads", and ahall be payable in lawtul mouey of 'Ehe Oaited 3tates of Aeerica at the main office of The National City Bsnk of Cleweland, Clevelard, Ohio. 3ection 4: Pbr the purpose of providing the necessary lunde to pay tbe intereat on the toregoing isaue of bonds prpaptly wlun and as the same lalls due, and also to provide a lund sutfieiont to diocharge the Baid serial bonds at natutityj, there atiall be aad ie hereby levied on the taxable property ia the City of North Olutted, in additiari to all other taxes, a di"ct tas aanually during the perioQ said bonds are to run in an amount eutticieut to previde funds to pay the interest upon said bonds as and phen the saae fall due, aad also to pro,ride a fund tbr the discharge of tbe prineipal of said serial bonds et maturity, whieh tax ehall not be less thaa the iuterest and sinlcing fUnd tax required by Sec.tion 11 of Article XII of the Oonatitution of Ohio;,provided, however, that in each year in vhieh surplt,s earninge of the sanitary severage system shell be availabl• and sppropriated to pay the interest on and principal of said bonds, then to that extent the tax herein provided for sha7.1 be reduced according].y. Section 5: Said tau ahall be and ie hereby ordered computed, certitied, levied and extended upon the tax duplicate and collected by tbe satee olYYcere, in tbe anme manner and at the'same time that taxes for geneeal pt,srpoaes for ench of said years are certitied, exterded and oolleat.ed. Said tax ehall be placed bePore and in prePerence to all other itsms ard for the lul.l eimcunt thereof. The funds derived Prom aaid tax letry hereby required ahall be placed in a separate and distinct fund, Which, togetber With the interest collected on the same shall be irrevocably pledged lbr the payaeAt oP pri-ncipal and irrtereet on said bonds when and as the sane fall due. Section 6s 3aid bonds shall be first offered at par and accrued interest to the offieer in charge of the Bond Retirement F1.ind in his official capacity, aud if said of`ticer retuaes to take ar?y or all oP said bonds, then said bonds not so taken she,ll be advertised for public sale and aold in the aanner provided by law. The proceeda Prom the sale of said bonda, except the premium, amrurQ iriterest thereon and capitalized intere$t, shall be used for tlx purpose eXbresaid and for no other ptarpose and be allocated to the improvement herein described. Tbe premium, 4LOetled and capitalized interest re ceived from euch aale shall be translerzyd to the Bond Retirement Flznd to be applied to the pgyinentof the prinaipal and interest of said bords, in the manner provided by laM. Section 7: The Qerk of Council is hereby authorized and directed to certify a capy of thie ordinance to the Auditor of Cuyahoga County, Ohio, according to lav. 3ection 8; This ordinance is hereby declared to be an emergency measure necessary for the preservation oP the public peace, welPare arid satety of thia City, and for the ftiirther reaaon that the mte of this City • iasued in anticipation oP these bonds is about to mature and muet be retired rith the proceeds of the bonds authorized herein in order to protect the credit of this City; Wherefore, this ordinance shall take effect and be in lbrce iwnsdiately upon ite passage and signature by the Mayor. PA38ED: A'i"PMT: ? • . , Margare T. We t, Clerc &??.F;ancis J. 0 Neil ,.President of Council I APPROVED: ;.ph ,. Christman, Mayor .