65-194 Ordinance - Laserfiche WebLink

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-z- Section k. !br the purpose of pro~ridina the aeoessary fur tie interest oa the tbre®oing Issue of beetle pt~ss~lF inn and as 11r ssr Ails drre, acrd .also to provide • !land wi!'tieia+at is disdrau~p tw sryd bonds at a#aturifidr, there shall be acrd is lrtrebq 1,rried eo the tassbla ps+oparl~r in the City of IWrtb OLstsd, in aAdition to all other taaoea, a direst tae aaaru~al.lq during the period said bonds are to run in an asaount suttieiasat to provide funds to pay the interest upon said bonds v nerd when ire sass tall due, and also to provide a fund for the disohar~t of the priaaipsl of said serial boards at maturitvjr, which tax shall a~at be less than the interest sad sinking fund taz required by Section 1! of Article ZZI of the Ooiastitatioa of Ohio, and shall be outside of the liai,twtioo of 8eetign 2 of said Article. Section g. Said tax shall. be and i• herebpr ordered casgsited, oertitied, levied and extended upon the tax duplicate and oolleatod by the seas ottioers, in the sane manner, and at tLe seas tine that ta~oas for general prarpoees for each of said years are certified, eztearded nand oallectsd. Said iiait sire!! be placed before acrd in prefereacc to all other stet and for the tltll asronat thereof. The funds derived ti+o~m said tax !sties hereby required shall be placed. is a separate and distinct fund, vhiah to4ether with all iatorest eolleated on the same, shall be irretocably pledged for the payaent of the interest and principal of said bonds ~Aun sad sa the sere tall dw. .~ Section 6. That said bonds shall be first offered st par and aaarwd interest to the Director of Finance as officer is charge of the Bond aetise- ment 1R~nd, and if said oi'Y'iccr refuses to fate an4r or all of said bonds, that said hoods not so taken shall be advertised for public sale and sold in the maau~er provided bit lav. The proceeds fros- the sale of said boards, except the premium and accrued interest thereon shall be used for the purpose atbre- said and for no other purpose; the premdua and ae:crued interest received trots such sale shall be transferred to the Bond Aetiraarnt lltnd to be 14pplled in the payment of the principal and interest of said bonds in the manner pa~-id;ed by lav. Section 7. It is hereby deterained that all cats, conditions sad Chinas necessary to be done, precedent to aa+d in the issuing of these boards is order to make them legal, valid sad binding obligations of said City have been done, have happened sad been performed in reasil.ar and due l+os:; as required bit lawY that the (with, credit and revenue of said City are hereby irrelocairlir giidasd. for the proatpt payaknt of the principal and interest thereof at a1-ttirita-; sad that no limitation of indebtedness or ta~oation, either statutory or constitu- tional, has been exceeded in issuing these bonds. Section 8. The Director of ~'inanae is hereby directed to tbrward w certified coplr of this ordinance to the Oounty Auditor. Section 9. This ordinance is hereby declared to be an aoreraengr seasure necessary for the immediate preservwtion o! the public hewlth, sateidr and welfare of said City, acrd for tl» further reason that the issuance and sale of the bonds herein authorised are isoediately essential in order to provide ~~~. r,..~~~.. _,_._,,..~...k.x ~~.-......