82-040 Ordinance - Laserfiche WebLink

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principal of the serial Bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio Constitution. Said tax shall be and is hereby ordered computed, 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 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, shall be irrevocably pledged for the payment of the principal of and interest on the Bonds when and as the same fall due. SECTION 8. It is hereby determined that all acts, conditions and things required to be done precedent to and in the issuance of the Bonds, in order to make them legal, valid and binding general obligations of the City, have happened, been done and performed or, at the time of the delivery of the Bonds, will have happened, been done and been performed, in regular and due form as required by law; that the full faith, credit and revenue of the City shall be and are hereby irrevocably pledged for the payment of the principal and interest thereof at ma.turity; and that no limitation of indebtedness or taxation, either statutory or constitutional, will be exceeded in issuing the Bonds. SECTION 9. The Clerk of this Council is hereby directed to forward a certified copy of this ordinance to the County Auditor. SECTION 10. It is hereby found and determined that all formal ac- tions of this Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Section 121.22, Ohio Revised Code. SECTION 11. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety and welfare of the City, and for the further reason that the immediate issuance and sale of the Bonds is necessary to provide funds to retire the outstanding notes at their ma.turity and thereby to protect the credit of the City; wherefore, this ordinance shall be in full force and effect from and immediately after its passage and approval by the Ma.yor. Passed: , 1982 Attest: Clerk of Council 0-?_ ? 1 c1 C71 President of Council 1982 Cc....?? ? Mayor /I - 3 -