64-256 Ordinance - Laserfiche WebLink

Home Browse Search

6~ -Zs~ _2_ Section 6: 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 bonds anticipated by said note and any excess funds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with in- terest thereon, and is hereby pledged for such purpose, Section 7: All assessments collected for the improvement aforesaid and any unexpended balance in the improvement fund after all costs and expenses of such improvement have been paid, shall be applied to the payment of said note and the interest thereon until both are fully provided for, In the event such assessments are not collected;or bonds are not issued to provide for the payment of said note at maturity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon, Section 8: In the event that such assessments are not levied or • bonds are not issued to provide a fund for the payment of said note at maturity, a general tax shall be levied against all of the property in said City for the payment of such note and the interest thereon; provided, however, that during the year or years while such note runs there shall be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not lens than that which would have been levied for the City's portion of said note, if bonds had been issued therefor without the prior issue of said note, Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same'_.manaer~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 levies hereby required shall be placed in a separate and distinct fund, which, tog~her with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note ~ the bonds in anticipation of which it is issued when and as the same falls due, Section 9: The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the Auditor of Cuyahoga County, Ohio. Section 10: This ordinance supersedes Ordinance No.64-255 passed on October 2fl, 1964 and accordingly said Ordinance No.64-255 is hereby repealed, Section 11: This ordinance is hereby declared too be an emergency measure necessary for the immediate preservation of the public peace, health and safety for the City and for the further reason that prompt construction of such sidewalks is necessary to pedestrian safety and convenience; wherefore, this ordinance shall take immediate effect from and after its passage and approval, PASSED: October 23 1964 TEST: Margaret -, West, Clerk of Council APPROVED: , Ralph E. Christttan, Mayor Francis J. 0'Ne' 1 President of Council ,,~~--~~y_ ~ a _ ~ ~ _ ~ `f 0'~'~-~'"`~ ~.~:~" '"