65-031 Ordinance - Laserfiche WebLink

Home Browse Search

-2- amount sufficient to provide funds ease fall due, and also to proride ~ serial bonds at waturity, which tax fund tax required by Section 11 of however, that in each year that the for the payment of such bonds and a. tax shall be reduced by the amount . ~ s- 3 ~ o pay the merest upon said bonds as sad when the fund for thR discharge of the principal of said shall not be Uss than the interest and sinking rticle XII of the Oonstitution of OiLto. Provided, sssesss~ents anticipated by said bonds are available e appropriated for such purpose, the asount of such .f the assessment so appropriated. Section 5. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the ease officers, in the sage manner and at the same tine that taxes for general purposes for each of said gars are certified, extended and collected. Said teat shall be placed before and in ferenc+e to all other items and for the full amount thereof. The funds derived frog said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected oa the same shall be irrevocably pledged for the payment of principal and interest on said bonds when and as the same fall due. Section 6. That all inatallsents of said assessments a~ all portions thereof, together with interest thereon, shall be applied to the pays+ent of said bonds and in- terest as the same shall become due and for no other purpose whatsoever. Section 7. Said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund in his official capacity, and if said officer refuses to take any or ell of said bonds, then said bonds not so takes shall be advertised for public sale and sold in the me-nner provided by law. The proceeds Eros the sale of said bonds, except the premium, accrued interest thereon and capitalized interest, shall be used for the purpose aforesaid and for no other purpose sand be allocated to the improvement herein described. The premium, accrued and capitalized interest received frame such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds, in the manner provided by law. Section 8. The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, according to law. Section 9. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, welfare and safety of this City, and for the frarthpc reason that the notes of this City issued for this improvement are about to mature and must be retired with the proceeds of the bonds authorized herein in order to rotect the credit of this City; wherefore, this ordinance shall take effect and be in force inm-ediately uvon its passage and signature by the Mayor. Passed 2 1965 Attest ^lerk o' Coiu,c' I President of Gounci 19E5 Approved Mayor r~ r ., .. , .