66-060 Ordinance - Laserfiche WebLink

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'~"~-~ Section 5. Such note shall br executed by the l6ayor and Director of Finance and bear the seal of the corporation. It shall be payable at the office of 'Phe Rational City Bank of Cleveland, Cleveland, Ghio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance, Section 6. All assessments collected for the improveaQer~t aforesaid, and any unexpended balance remaining in the improvement Enna s,fter the costs and expeasea of said improve~aent have been paid, shall be applied to the payment of said noi,e and the interest thereon until bath are fsall~ provided for. Section 7. Sub~eet to the rejection of said note by the ~'i.rector of Finance for investrsent in the Bond Petirement Fund, said note shall. be and hereby is awarded az~d sold to Thai I~iational City Bank of Cleveland, Cleveland, Ohio, at tkre pax value thereof; and the Director of Finance is hereby authorized and directed to deliver said note, when executed, to said purchaser upon paysrent of such purchase price, and accrued interest to the date of delivery. T!",e proceeds of such sale shall be paid into the proper fund and used fcr the purpo:e for which said note is being iseuad under the proviaiarxs of this ordinance. Section 8. Said note ah+~ll be the full general obligation of the City and the full faith, credit and revenue of said City are hereby pledged for the proo~pt payment of the same. 1`he par value to be received from the sale of the beads anticipated by sa.td note and any excess farads resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at s-aturity, together uS.th interest thereon, and is hereby pledged for sueYa purpose. Section 9. In the event ttat such assessments are not levied or bonds are not issued to provide a fund for the payment of said note at eraturity, a general tax shall be levied against all of the property in said City for the payment of such note and the i.nte~rest thereon. Section I0. 't'h+e Clerk of Council is hereby directed to forward a certified copy of this ordinance to the County .Auditor. Section 11. 'Phis ordinance is hereby declared to be an urgency treasure necessary for the iarsedi,ate preservation of the public peace, health snd safety of said City and .for the further reason that the immediate issuance and sales of the note herein authorized is necessary to provide fund~c to enable the City ro retire its existing indebtedness and thereby preserve its credit; wherefore, this ordinance shall be in full force and effect frosa and immediately after its passage aril approval by the Mayor. _~_ Passed: l~az~ch 15, 196E • President of Counefl Attest : _ , °,~ erk of Council Approved Filed frith the Mayor 1966 Mayor e