1984 028 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 84- 28 PAGE THREE Section 6. The Notes are offered at par and accrued interest, if any, to the Finance Director, as officer in charge of the Village's Bond Retirement Fund, and so many of the Notes as shall not be purchased for the Bond Retirement Fund or for other funds of the Village are hereby awarded and sold to Prescott, Ball & Turben, Inc., Cleveland, Ohio, with a premium of $1, in accordance with law and the provisions of this ordinance. The Finance Director shall cause the Notes to be prepared and have the Notes signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Notes if requested by the original purchaser, to the ori- ginal purchaser upon payment of the purchase price. Section 7. The proceeds from the sale of the Notes, except any pre- mium and accrued interest, shall be paid into the proper fund or funds and used for the purpose for which the Notes are being issued. Any portion of the proceeds of the sale of the Notes representing premium and accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Notes in the manner provided by law. Section 8. The par value to be received from the sale of the Bonds or any renewal notes and any excess funds resulting from the issuance of the Notes shall, to the extent necessary, be used to pay the principal of and interest on the Notes at maturity and are pledged for that purpose. • Section 9. During the year or years in which the Notes are outstand- ing, there shall be levied on all the taxable property in the Village, in addition to all other taxes, the same tax which would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be within the ten-mill limitation imposed by law and shall be and is 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 those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. All assessments collected for the improvement described in Section 1, and any unexpended balance remaining in that improve- ment fund after the cost and expenses of that improvement have been paid, shall be used for the payment of the principal of and interest on the Notes until paid in full. The proceeds of the tax levy shall be placed in a separate fund, which, together with the interest collected on the same, is irrevocably pledged for the payment of the principal of and interest on the Notes or the Bonds when and as the same fall due. However, in each year to the extent the assessments for the improvement are available for the payment of the principal of and interest on the Notes and Bonds and are appropriated for that purpose, the amount of the tax shall be reduced by the amount of the assessments so available and appropriated. •,