65-247 Ordinance - Laserfiche WebLink

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,. l • • r~ - 2 - SecLicn ~: Said note snail rye the full general ab..igaticn o' the City af' North O.msted and the full i'aith, credit am revenu~a :~:' saki City are hereby pledged far the prompt payment of the same. I;ie par vawuf_ t~~ be received from the .,ale of r,onds anticipatea by said riote anti ar.y excess funds resulting f'rc;~e the issuance of saiu note 6i1&1i, tc> the extent:, necessary, be used only 1'ar the ~tiremerit of s id note ui. maturi?.,y, to&;c:tcie~r with in~ terest thereon, arkd is hereby p..edge~:i for sucn purpo~J°. SsCt1i,I1 (; yll assessments ca.ilected f~~r :lie imprc_ve;renv aforesaid and any unexpended balance in the improvement f"unci after all costs and. expens~~~~ of such improvement have been paid, shat' be applied to trsr. giyment af' said note and the interest thereon u:.til oath are i'ully pravided for. Section ~K: In the went the-zt :~ueh assessments are t~~.;t lev:ied or bonds are not issued. to provide a find _°or the .payme:.t c;' :sa r=:;te at maturity, a general tax shall be levied a~zainst all of the property :i..r. said City f;;r the payment cf sach Hate and the ir,terdsc thereon. provided, t:c~wever, that during the year or years while such note r~.ins there shag be levied on all the taxable property in said City, in addition to all other taxes, a direct tax annually not less than that which would have been ivied for tzie ~;'ity's portion of said note, if bonds had been issued therefor wit~o~t .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 manner and at the same time that taxes for general purposes far each of said years are certified, extended and collected. Said tax shall be placed before and in preference to ail oti~er items and for the full amount thereof. The funds derived from said tax leviPS hereby required shai.l be placed in a separate and distinct fund, which, together with the intere~:t collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of whicri it is issued when and as the same falls due. Section ~~: 'The Clerk of Council is hereby directed tv forward a certified copy of this, ordinance to the Auditor of Cuyahoga County, (7hio. Section 1Cs: This ordinance is hereby declared tc be an emergency measure necessary for the imaaediat.,e preservation of the public pe~sce, health and safety for the City and for the further reason that the prompt issuance of the note Yierein authorized is necessary to preserve the credit of the City by retiring the outstanding note which is about to fail due; wherefore, this ordinance shall take immediate effect from and after its passage and approval. PASSED: ~T~~v ^ , 1~6~ ATTEST: President of Council. Clerk of Council APPRCNED Mayor