64-029 Ordinance - Laserfiche WebLink

Home Browse Search

Section 6. Said note shall be .the ftiill. general obligation of the City of North Olmsted and the full faith, credit and revenue of said City are hereby pledged for the prompt pa~}rment of the same. The par value to be received from the sale of the bands anticipated by said Hate sand any excess fund resulting from the isaue~nce thereof shalt to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 7. During the period while such note runs there shall be levied on all the taxable property in the City of North Olmsted, in addition to all other teases, a direct tax annually not less than that which would have been levied if the bonds had been issued without the prior issue of such note. Section 8. It is hereby deter~ained that all acts, conditions and things required to be done precedent to and in the issuance of said note, in ordex to ma&e the saw a legal., valid and binding obligation of the City of North Olmsted, have happened, been dAne and perfoxmed in regular and due form as required by las-; and that the amount of indebtedness to be incurred by the issuance of said note does not exceed at~y limitation of indebtedness now fixed by law. Section 9. The Clerk of Council is hereby directed to forward a certified cagy of this ordinance to the County Auditor. Section 10. This Ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, health and safety of the Gity and its inhabitants and for the further reseton that it+s~ediate issuance of said note is necessary to enable the City to retire an outstanding note and thereby to preserve the credit of the City; W~1ERb~'QkN~ it steal]. take effect and be in force from and immediately after its passage and approval. Passed ~:._~°.. ~. ti s 19~ __.~ Approved ~~_~ , 19~ ~,-~ . or Attest; -~ ~:.: , . ~;; l.- F; _~' //~ ~- ; .~ ~ f ~, ,1, ..~ L~ 2