Laserfiche WebLink
The National City Bank ,Cleveland, Ohio, and shall express <br />upon their faces the purpose for which they are issued and that they are <br />issued pursuant to this ordinance. <br />Section 6. All assessments collected for the improvement aforesaid, and <br />any unexpended balance remaining in the improvement fund after th costs and <br />expenses of said improvement have been paid, shall be applied to the payment of <br />said notes and the interest thereon until both are fully provided for. <br />Section 7. Subject to the refection of said notes by the officer in charge <br />of the Bond Retirement Fund, said notes shall be sold at private sale by the <br />Director of Finance at not less than the par value thereof; and the Director <br />of Finance is hereby aaathoriaed and directed to deliver said notes, When executed, <br />to said purchaser thereof upon payment of such purchase price. The proEeeds of <br />such sale, other than accrued interest and premium, if any, shah. be pe~id into <br />the proper fund and used for the purpose for which said notes axe being issued <br />under the provisions of this ordinance; accrued interest and premium received <br />from such sale shall be paid into the Bond Retirement Fund, <br />Section 8. Said notes shall be the full general obligation of the City axid <br />the fu11 faith, credit and revenue of said City are hereby pledged for the prcmtpt <br />payment of the same. The par value to be received frem the sale of the bonds anti- <br />cipated by said notes and any excess fund resulting from the issuance of said notes <br />shall to the extent necessary be used only .for the retirement of said notes at <br />maturity, together with interest thereon, and is hereby pledged for such purpose. <br />Section 9. In the event that such assessments .are not levied or bonds are not <br />issued to provide a fund for the payment of said notes at maturity, a general tax <br />shall be levied against all of the property in said City for the payment of such <br />notes and the interest thereon. <br />Section 1Q. It is hereby determined that all acts, conditions and things <br />required to be done precedent to and in the issuance of said notes in order to make <br />the same legal, valid and binding obligations of said City of North Olsested have happenei <br />been clone and performed in regular and due fors- as required by law; and. that no <br />limitation of indebtedness or taxation, either statutory or constitutional, has <br />been exceeded in the issuance of said notes. <br />Section 11. The Clerk is hereby directed to forward a certified copy of this <br />ordinance to the County Auditor. <br />Section 12. This ordinance is hereby declared to be an emergency measure <br />necessary for the imtne8.i.ate preservation of the public peace, health and safety <br />of the City, and for the further reason that the prompt issuance of the notes <br />herein provided for is essential to preserve the credit of the City; wherefore, <br />this ordinance shall be in full force and effect from and immediately after its <br />passage and approval by the l+liayor. <br />Passed ~ ~ .r~ / , 1944 <br />-. <br />Attest: r-.~:.~~ ~` ~~~'.~ ~..-J-.. <br />Clerk Of Cotmc <br />~v . <, . <br />res n o c <br />Mayor <br />