65-030 Ordinance - Laserfiche WebLink

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e ~S-3~ -2- amount sufficient to provide funds to pay the interest upon said bonds as and when the same fall due, and also to provide a fund Por the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking Pund tax required by Section 11 of Article XII of the Constitution of Ohio. Provided, however, that in each year that the assessments anticipated by said bonds are available for the payment of such bands and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of 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 this same officers, in bhet saris manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levy hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for tha payment of principal and interest on said bonds when and as the same fall due. Section 6. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment 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 mound in his official capacity, and if said officer refuses to take any or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from 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 and be allocated to the improvement herein described. the premium, accrued and capitalized interest received from such sale shall be transferred to the Bond Retirement F1and to be applied to the payment of the principal and interest of said bands, in the manner provided by law. Section 8. The Clerk of Council is hereby authorized and directed to certi a copy of this ordinance to the Auditor of Cuyahoga Gounty, 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 further 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 protect the credit of this City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and signature by the Mayor. Passed ~- ~ , 1965 Attest Clerk of Council President of Council 1965 Approved Mayor