66-156 Ordinance - Laserfiche WebLink

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GG-rs,6 -~ - awarded and sold to Cleveland, Ohio, at the par value thereof. The procee from such sale, except any premiu~- and aeex•ued interest, sha11 be paid into the proper fund and used • for the purpose aforesaid and for no other purpose. Any premium and accrued in- terest sha11 be deposited in the 3or;d Retirement Fund. Section 6. Said note shall be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the saabe. The par value to be received from the sale of the bonds anticipated by said note and any excess funds res.~lting from the issuance of said note shall to the extent necessary be used on~.y for the retirement of said note at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. During the year or years such note runs there shall be levied on all the taxable property in the City of North Olmsted in addition to all other taxes, and outside of tax limitations, a direct tax annually not less than that which would have been levied if bonds had anen issued. without the prior issue of such note. Said tax shall be and is hereby ordered, computed, certified, levied aad extended upon the tax duplicate and collected by the same offiars, in the same manner and at the same time th;t taxes for general purposes for each of said years are certified, extended and collected. Said tax sha11 be placed before and in preference to all. other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, sha1.1 be irrevocably pledged for the payment of the principal and interest of said note or the bonds in anticipation of which it is issued, when and as the same fall due. Sectior. 8. T_t ig hereby determ~.ned and recited that all acts, Con- ditions and things necessary to he done precedent to and in the issuing of said note in order to make tine ;ame a ie~;al, valid and. binding obligation of the City of North Olmsted have happened, been done and performed in regul~sr and due form a$ required by law and that no limitation rrf indebtedness or taxation, either statutory or constitutional will have been exceeded in the issuance of said note. Section 9. That Ordinance No. 65-194, passed August lc~, 1965, authorizing tha issuance of the :~32Ci,00O bonds approved at the November 3, 1964 election is hereby s^e~.led in its entirety since this Council has determined t4 issue notes in anticipation of the issuance of said bonds at this time rather than to proceed immediatel;;r with the sale of bonds. Sectior. l0. The Clerk of Council is hereby authorized and directed to forward a certified cony of tris ordinance to the County Auditor of Cuyahoga County. Section 11. This ordinance is }iereby declared to be s,n emer~ncy measure neceasarry for the preservation of the public peace, welfare and safety of thi3 City, and .for the ~',.rther reason that the irm~diate con- struction of said. library building is neces.~ary for the welfare of the