66-295 Ordinance - Laserfiche WebLink

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~ ~ ~ "~ s .. said borsi.s are to run it. ar: et«ount suff'ic'~er~t to p: oY4 ids hands to payr ~,~e intex~st upon said bonds as acid when the seats fall. due, and also to provide a fund for .the discharge of the principal of said serial bawds at maturity, wl'ii cY; tax shall Aqt be leas than the interest and sinking fungi! tax requi red by `~~ecti.dr. 11 of Article XII oP the Constitution of Ohio. Frcnrided, Yrogrever, that in each year that the assessments anticipated by said bonds are available frr the payment of such bonds and are appropriated for such purpose, the atttount• c~ s~:ch tax shal.?. be reduced by the aetount of the assessments so appropriated, Section 5. Said tax sha.2.l be and is hereby ordered ^omputed, certified, levied and extended upon. the taac duplicate and collected by the setae officers, in the same manner and at the same time that taxes for genera.'... purposes far each of said years are certified, extended and collected. Said tax shah. be placed before and in preference to all ether items and for the full amount thereof. The funds derived from sa#.d taac levy hereby required. shall be placed :in a separ- ate and distinct fund, s+hich, together with the interest collected on the same shall be irrevocably pledged for the payment of principal and interest can said bonds when and as the same Pall due, 8ectioo 6. That al.l insta3.3.ments of said assessents and all portions therepf, together With iatertst thereon, shall be applied to the payment of said bonds and interest as the same shall became due end far no ether purpose vhatsaever. Section 7. Said bonds shelf be first offered at par and accrued interest to tbs. officer in charge of the Band Retiretaent Fund in his official capaoity, iP sai.d officer refuses to take any or ail of said bonds, then said bonds not so taken shall be adrertised for public sale and sold in the manner provided by lam. Tlae proceeds from the sale of se~id bonds, except the priua-, accrued. i:r~teret thereon and capitalized interest, shall be use for the purpose aforese-id and far no other purpose and be allocated. to the improv+tmeat herein described. The premium, accrued and capitalized interest received from such saS.e shall be transferred to the Boe-d Retirement Fund to be a~mlied to the payment oP the principal and interest of said bands, in the pmnzier provided by law. Section 8. The Clerk of C+otaecil is hereby authorized and directed to certify a cc+~py of this ordinance to t2~ Auditor of Cuyahoga County, Ohio, acearding to law. Section 9. This ordinance is hereby declared to be sn etgergency measure necessary Por the preservation of the public peace, Welfare a~td safety of this City, awl Por the further reason that the note of this City issued for this it~tcovement is about to t~-ture and must be retired with the proceeds of the beds authorized herein in order to protect the credit of this City; wherefore, this ordinance shall take effect and be in farr_e immediatey upon its passage and signature by the Mayor.. Passed: ~~ ~ ~ 1~6 ~ __ PreFident of ~otztZCl Attest : #- Clerk of Csc~ APAroved Mayo' -