66-059 Ordinance - Laserfiche WebLink

Home Browse Search

~-sp C` • G _{~- express upon its face the purpose for which it is issued an:~ that it is issued pursuant to this ordinance. Section b. Subject to the rejection of said note by the Director of Finance for investment in the bond retirement fund, said note shall be and hereby is awarded and sold to The National City Bs-nk of Cleveland, Cleveland, Dhio, at the par value thereof; and the Director of Finance is hereby authorized and directed to deliver said note, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The proceeds of such sale shall be paid into the proper fund and used for the purpose far which said note is being issued under the provisions of this ordinance. Section 7. Said Hate shall be the full general obligation of the City and the full faith, credit and revenue of said City are hereby pledged for the prosrpt payment of tr:e same. The par value to be received Erse the sale of the bonds anticipated by said note•and any excess furxis resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest there- on, and is hereby pledged for such purpose. Section 8. During the period while such note runs, there shall be levied on all the taxable propierty in said City, in addition to all other taxes, a direct tax annually not less than ttu-t which would have been levied if bonds had been issued without the prior issue of said note; pravided, that the amount of such tax shall be reduced. to the extent that surplus earnings of the sewerage system shall be available and appropriated for the payment of interest and principal of such note or of the bonds anticipated thereby. Said tax she'll be and is hereby ordered caoputed, certified, levied and extended upon~the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full aunt Lhereof. 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, shall be irrevocably pledged for the payment of the principal and interest of said note ar the bonds in anticipation of which it is issued when and as the same falls due. Section ~. The Clerk of Cauncil is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the ie~oediate preservation of the public health, safety and welfare of said City and for the further reason that the immediate issuance and sale of the note herein authorized is necessary to provide funds to enable the City to retire its existing irxiebtedness and thereby preserve its credit; wherefore, this ordinance shall be in full force and effect from and itoeediately after its passage and approval by the Mayor. Passed: March 15, 1966 Attest: Clerk of Council ?resident of Council Approved- 19~ Mayor