(a) The Notes will be general obligations of the County.
(b) By adoption of the Note Resolution, Council will pledge to the payment of Debt Service on the Notes the full faith and credit of the County including, without limitation:
(1) The general taxing power of the County, including the power to levy taxes within the ten-mill limitation, as defined in Section 5705.02 of the Ohio Revised Code.
(2) The proceeds to be received from the sale of any notes issued to refund the Notes and of the Bonds in anticipation of which the Notes are issued.
(3) Any money remaining from the sale of the Notes and not required for the payment of costs of the Projects or the payment of Debt Service on maturing notes.
(c) The Debt Service on the Notes must be paid at their maturity from any of the amounts set forth above pledged to their payment, or any funds of the County otherwise available for their payment.
(d) During the years while the Notes are outstanding, there will be levied on all the taxable property in the County, in addition to all other taxes, a direct tax annually, subject to tax limitations, not less than the tax that would have been levied had the Bonds been issued without the prior issue of the Notes. The tax must be and is ordered to be computed, certified, levied, and extended upon the tax list and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of those years are computed, certified, levied, extended, and collected. The tax must be placed before and in preference to all other items and for its full amount. The money derived from that tax levy must be placed in the Bond Retirement Fund of the County and is irrevocably pledged for the payment of the Debt Service on the Notes, when and as that Debt Service falls due. If any of the following amounts are available for the payment of the Notes and are appropriated for that purpose, the amount of the tax levy in each year must be reduced by the amount available and appropriated:
(1) Any surplus in the Bond Retirement Fund.
(2) Proceeds received from the sale of the Bonds or any notes issued to refund or renew the Notes.
(3) Any source of payment designated in the Note Resolution.
(4) Any other money lawfully available to the County.
(Ord. 2009-139. Adopted 4-13-09.)