66-207 Ordinance - Laserfiche WebLink

Home Browse Search

G~~-.~o~ -z- r~tira~sAt of said note at aaturity, together with interest thereon, and aY+e hereby pledged for such purpose. Section ?. During the year or yea's such note runs there shat.]. ~'` be levied on all the taxable property in the City of North Olmsted in addition to all other takes, a direct tax annually not less than that which would have beset levied if bonds had beam issued without the prior issue of such Mote; provided, however, that in each year to the extent that the income fros- the atustioipal sanitary sewer system is available for the payment of such note and bonds and is appropriated from such purpose, the amount of such tax shall be reduced by the srount of such incoaae so available and appropriated. • Said tax shall be and is hereby ordered, coAputed, certified, levied and extended upon the tax duplicate and collected by the sane officers, in the sane >tanner and at the same tine that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in prefer+mnce to all other stets and for the full aeeo~tnt thereof. The funds daerrived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest eaolleeted an the sera, shall be irrevocably pledged for the payment of the principal sad interest of said note or the bonds in anticipation of which it is issued, when artd as the save fall due. Section 8. It is hereby determined a,nd recited that all aat8, conditions sad things necessary to be done precedent to and in the issuing of said note in order to make the same a legal, valid and binding obli~ticaet of the City of North Olmsted have happened, been done and performed in regular and due fort as required by law and that no limitation of indebtedness or ta^ss-tion, either statutory or constitutional will have been exceeded in the issuance of said note. Section 9. The Clerk of Council is hereby authorized and directed to Yorirard a certified copy of this ordinance to the County Auditor of Cuyea f)otenty. 8eetion 10. 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 ~ immediate issuance and sale of the cote herein authorized is necessary to enable the City to enter into a construction contract to provide the improveeaent described above which is urgently required to protect the health of the abutting owners and the inhabitants of the City; wherefore, this ordinance shall take effect and be in force immediately upon its passage and approval by the Mayor. Passed: 1966 ~~ Attest: Clerk of Council President of Council • Approved • , 1966 Mayor