0967 Ordinance - Laserfiche WebLink

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Section 6. All assessments collected for the improvement aforesaid and unexpended balance remaining in the fund after the cost and expense of said improvement has been paid shall be applied to the payment of said note or notes and the interest thereon until both are fully provided for. Section 7. Said note or notes shall first be offered to the Treasurer of the City and so many of the same as shall not be taken by said City Treasurer shall be sold at private sale by the City Auditor, but for not lees than par and accrued interest, and the pro- ceeds from such sale, except any premium and accrued interest thereon and the amount thereof necessary for the payment of interest prior to the maturity of said note or notes shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest and the amount necessary for the payment of interest prior to their maturity shall be transferred to the Sink- ing Fund to be applied in the payment of the principal and intereat on said note or notes in the manner provided by law. Section Ss, Said note or notes shall be the full, gener~,1. eb~iga--• tions of the pity of North Olmsted and the full faith, credit and re~re- nue 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 or notes and any excess fund resulting from the issuance of said. note or notes shall, to the extent necessary, be used only fQr the re- tirement of said note or notes at ma~iurity, together with interest thereon, and is hereby pledged for such purpose. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment 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 for~rard a certified copy of this ordinance to the County Auditor. Section 11, This ordinance is hereby declared to be an emer- gency measure, the emergency being that it is necessary for the ira- m.ediate preservation of public health, peace, safety-and ~relfare, and the daily operation of the municipal departments of the City, that this ordinance be passed at once and shall take effect and be in force from and after its passage. PASSED 0 APPROVED: arence viatt, ayor ~ ,~ r' ~ . ~ r~ ~ ~ ~"