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f~ <br />s <br />ZG~°!I j <br />for the retirement of Said note at rr~at~.r'i ty, tage':.her with interest thereon, <br />and are hereby Pledged for such pux-~?~ase. <br />Section 7. During the ;gear or years such note runs there srxa~l be le~ried <br />on all the taxable property in the City of North Olmsted in addition to all <br />other taxes, a direct tax annualisy not :less than that which would have been <br />levied if bonds had been issued without the prior issue of such note. <br />Said tax shall be and is hereby ordered, camputed, certified, :~ev-zed <br />and extended upon the tax duplicate and collected by the same officers, in <br />the same manner and s.t the came time that taxes far general purposes for <br />each of said years are certified, extended and collected. raid tax shah. <br />be placed before and in preference to all other items and fur the full. amount <br />thereof. 'I~e funds derived Prom said tax levies hereby required shall he <br />placed n a separate and distinct fund, which, together with the interest <br />collected on the same, shat; be irrevocably pledged for the payment of the <br />r~rincipal and interest of said note or 'the bonds in anticipation of which <br />it is issued, when and as the same fail due. <br />Section 8. It is hereby determined and recited that all acts, conditions <br />and things necessary to be done precedent to and in the issuing of said note in <br />order to male tl~e same a legal, valid and binding obligation uP the City of <br />North Qlmsted have happened, been done a.~ad performed izz regular and due Farm <br />as required by laW and that no li:n`.tatior. of indebtedness or taxation, either <br />s*..atutory or constitutiana~ will ha;re been exceeded in the issusnce of said note. <br /> <br />Section 9. The Clerk of Council.. is hereby authorised ~~d directed to <br />forxard a certified copy of this ordinance to the County Auditor of Cuyr~.Ycoga <br />County. <br />Section 10. This ardj.nance is hereby declared to be an emergency measu.~e <br />necessary for the preservation. of the public peace, welfare and safety of this <br />City, and for the Further reason that the immediate purchase of such real estate <br />and buildings is necessary to provide urgently needed :apace for the proper <br />operation of the governmental Functions of the City; wherefore, this ordinance <br />shall take effect and be in force immediately azpon its passage ~~nd approve? by <br />the Mayor, <br />Passed: L .~ ____,~ l <br />Attest; <br />Jerk of Council. <br />• <br />President of Council <br />Approved: _--~ 1~6Es <br />Mayor <br /> <br />