1987 Ordinance - Laserfiche WebLink

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Ssctio8 ~~ All assessments collected far the improvement afore- said aad unexpended balance remaining is the faced after the cast and expense of said imprvvea~ent has beam paid shall be app~.isd to the payment of said note or notes and the interest thereon until both are fully provided for. Ss,_ cti ~ Said Hots or cotes shall first be Offered to the Treasurer o s City and so many of the same as shall not be taken by said City Treasurer shall be sold at private eels by the 61ty Auditor, but for not is:s thaw par and accrued interest,, sad the proceeds from such sale, except any premium and accrued interest thereon and the amvugt theresf ns.csssary for the payment ®f stersst pri®r to the maturity of said note or notem shall bs ~tid iota the proper fund and used far the p~rposs aforesaid a8d for n® ®ther g~ar- poss. Asy premium and accrued interest asd the amt necessary for the payment mf interest prier to their maturity shall be traasfarrsd to the SiAkiag lead to bs applied in the payment of the principal and interest om said cote or notes is the meaner pr®vidsd by larr. S~ectio~ $ Said n©ts or notes shall be the full, general obliga- tions~ t~ety of North Olmsted and the full faith, credit and revenue of said City are hereby pledged for the praalbt payment of the same. The par value to be received from the sale of bends anticipated by said note or notes and any excess fund resulting from the issuance of said note or aotea shall, to the extent necessary, be used Daly for the retirement of said note or antes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section ~, In the event that such aases~ents are not levied or boac-~ are not issued to provide a fnad for the pay~eeat of said note or notes at maturity, a general tax shall be levied against all of the property of said City for the payment of said note or notes and the interest thereon. Section 10 The City Clerk is hereby directed to forward a certi~ s copy of this ordinance to the County Auditor. Section 11 This ordinance is hereby geacy measure, the emergency being that it mediate preservation of public health, p aced to borroK money immediately for the n® City street that this ordinance be passed effect and be in farce and effect from and PASSED: ~- Gt. -r ~ ~ ,Y v ~"" ATTEST: ;~ ~:~. i$t , ergo Cmnnci~ APPROVEDw ,- res$. s,N yor ~r ~~. . declared to be an smer- is necessary for the sacs, safety and welfare, cessary improvement of a at once and shall take after its pa~sags. ~garE~neF, of Council , ~~ ~~ b~ ~~ `~