64-036 Ordinance - Laserfiche WebLink

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Section 7. Subject to the refection of said notes by the officer in charge of the bond retirement fund, said notes are hereby aWax~3ed and sold to a l~tioa~al City Bank of Clevelatad at the par value thereof; and the Director of Finance is hereby authorised and directed to deliver said notes, when executed, to said purchasarr urn paystent of such purchase price . the proc~ds of such sale shall be paid into the proper fuxxd and used for the purpose for Which said Hates are being issued under the provisions of this ordinance. Section 8. Said notes shall be the full general .obligation of the City and the full faith, credit and revenue of said City are hereby pled~d for the prv~anpt payment of the same. She .par value to be received from. the sale of the bonds anticipated by said notes and air excess funds resulting from the issuance of said Hates shell to the extent necessary be used on7,y for the retirement of said notes at maturity, together with interest thereon, and are hereby pledged for such purp<ase. Section 9. Tn the event that such assessments are not levied or bonds are not issued to provide a fund far the of said notes at maturity, a general tax shall be levied against all of th yin said City for the peymsnt of such notes and the interest thereon. Section 10. Tt is hereby determined that all acts, conditions and, things required to be done precedent to and in the issuance of said scYtes in order to make the same legal, valid and bitu3ing obligations of said City of forth 0]~uate$ have happened, been done and perfor~ad in regular and due fors as required by l.~w; and that no limitation of indebteda~ess or taxation, either statutory ar constitutional, has been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 12. ';this ordinance is hereby declared to be an emergency ~sasure neces- sary for the immediate preservation of the public peace, health and safety of the City, and for the further reason that prompt provision of Funds is required to proceed with the construction of a waterworks improvement necessary for fire protection and the health of the abutting owners and inhabitaxtts of the City; Wherefore, this ordinance shall. be in fu11 force and effect from and immediately after its passage and approval by the Mayor. Passed; February 18th , X96!} ;~' Attest: ` ~~ r ~ r r, Cler of Council ~~ Prey !!T1 0 ouriC o Tem ~ , 1~ Approve Mayor (l `" ~~. ~.-`~~ 2