78-041 Ordinance - Laserfiche WebLink

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..?._ . -2- Section 4. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all the taxable property in said City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. Section 5. Said tax shall be and is hereby ordered computed, certi- fied, levied and extended upon the tax duplicate and collected by the same officers, in the same ma.nner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for sale and sold in the manner provided by law. The proceeds from the sale of said bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose and be allocated to the improvement herein described. The premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, and in the manner provided by law. The City hereby covenants that it will restrict the use of the proceeds of the bonds in such manner and to such extent, if any, as ma.y be necessary, after taking into account reasonable expectations at the time of the delivery and payment of such bonds, so that the bonds will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the regulations prescribed under that section. The Director of Finance is autho- rized and directed to give an appropriate certificate on behalf of the City, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations regarding the amount and use of the proceeds of the bonds pursuant to said Section 103(c) and regulations thereunder. Section 7. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 8. It is found and determined that all formal actions of this Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees or on or after November 28, 1975 that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 9. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the notes of this City