66-296 Ordinance - Laserfiche WebLink

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~-.~. - 2 - raid bonds ttr run in era ~rast sufficient to pt~wri~e t`und.s to pay the. interest vp~s said bara~ds ers sud when t2ye assets fall. hurl, +sr-d also to provide a a'uzxl for the dise:haar~a of the principal of said serial bad at me-turity, Mich tax shall not b! ].ass them the interest .and sinkisg find. tax required by Section 11 of Article l~ oaf the Ceastitutj on of Ohio. Provided, h~crrer, that in each year that the ewe~easMM~-ts rmtieipated bar ~s~ bonds uvrr-~:le~rle far the prayeoent of such bonds r>s~ sere ,appropriated far such ~, ttye ~t of such tax sha7.l bt reduced by the e~unt of the assesssr~nts sa ap~rrc~priateh. Section 5. Said tax shall be and is hereby or+~red cra~pute~l, certified, levied atad extended upon the tesc duplicate and coliercted by the setae officers, in the se~ie manner ell at the s~msa flare that taxes for general purposes for each of said pests are certified, extel and collected. Said tax shall be placed before a~ad in poreference to ell other itaras an8 for the f'u1.7. ateaunt theof Tise funds deril~ed frcia said tax levy. hereby required shall be placed in s separ- ate an!! distinct fund, which, together with the interest collected on the tae~e shall be irrevocably pleased for the payment of principal and interPSt an said bonds when and ss tY;be sa~se fall due . 1~ LJ Section 6. That all insteC,lsrents of said aasesseaents atad all portias~t thereof', together with interest thereon, .shall be applied to the pint of said bands ~ interest as the seerMe shall becc~ee aura sod for no other purpose whatsoever. Section 7. Said btagds she-li be first offered at par and accrued interest to the vlYit~r in ehsrg+e ai the Band Retirement Fund in his official capacity, e~sd if said officer reaf`uses to tale ~ or all ~f saki bonds, then sai3 bonds note so t~ shall be se3vertised for pul~lie sale and sold in the manner provided by .lair. The ~S"anelds frost the sale of said bonds , except the premiusz, accrued interest therreon atal. capiiat zed interest, shall be used for the purpose aforesaid and Por no other purpose ehd be allocated t:. the improvement herein described. The preetium, acctteed. and capitalized interest received frcam such sale shall be transferred to the Ham Retirement FunB to be applied to the payment of the principal and interest of said bonds, in the manner provided by 1etw. ~ctian $. The Clark oP Council is hereby authorized and directed. to certify a cvp7- of this ordinance to the Auditor of Cuyahoga County, ©hio, awarding to lair. Section 9. This ordinance is hereby declared to be an emergency treasure necessary for the pre~ervatian of thF public peace, welfare and safety of this City, and Yor the further reason that the notes of this City issued for threse i~rowsawsnts are about to mature sod must be retired with the proceeds of the buds eorsed herein in order to protect the credit of this City, wherefore, this cnC"die shall take effect end be in force imaediaf.ely aeon its passage amd sigt~sture by the N~syor . Peuesed: _.~~ _:~..~ ~ 1966 Presi. ant of Ccstinc~r f Attest: C~.erk of Ccyunc"i _.~ _~.__ ._..._ .._..~ 1~C6 Approved Dyer