64-312 Ordinance - Laserfiche WebLink

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~i Bank of Cleveland at par value plus accrued interest. The proceeds from such sale, except accrued interest thereon, shall be paid into the. proper fund and used for the purpose aforesaid, for which purpose said money is hereby appropriated. Ax~y accrued interest shall be transferred to the Bond Retirement Fund to be applied in the payment of principal and interest of said note in the manner provided by law. Section 8. Said note shall be the full general obligation of the City of North Olmsted and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said Hate and any excess funds resulting from the issuance of said note shall to the extent necessary be used only for the retment of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Section g. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said Hate at maturity, a general tax shall be levied against all of the taxable property in said City for the payment of such note and the interest thereon. Section 10. The G1erk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section ll. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare in said City and far the further reason that the immediate issuance and sale of the note herein authorized is necessary to enable the City to retire an outstanding note at maturity and thereby to preserve the credit of the City; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval. ~,~ Passed j ,~,t, , 196+ Attest Cler of Council . ^~ ,-L cam-.. -L c~;~, ` ~ ~ .~~~~_ President f auncil Approved ~~e~~+~~~ ~ , 196+ Mayor 2 c~ _ ~~ ~~~ ~,