1983 007 Ordinance - Laserfiche WebLink

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MAYFIELD VILLAGE ORDINANCE N0. 83-7 - 2 - Section 2. Said bonds in the principal amount of $800,000 shall be issued in the denomination of $5,000 each, shall be numbered from 1 to 160, both inclusive, and shall be dated April 1, 1983. Said bonds shall bear interest at the rate of nine per centum (9%) per annum, payable December 1, 1983, and semi-annually thereafter on the first days of June and December of each year until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than hereinbefore specified, then said bonds shall bear such rate of interest as may be pro- vided in the resolution or ordinance of Council approving the award thereof. Said bonds shall mature in their consecutive serial order as follows: $80,000 on December 1 in each of the years from 1984 to 1993, both inclusive; which maturities are hereby determined to be in substantially equal annual install- ments. Section 3. That said bonds shall express upon their faces the purpose for which they are issued; that they are issued in pursuance of this ordinance; shall be executed by the Mayor and the Finance Director, provided that one of such signatures may be a facsimile signature, and shall bear the corporate seal of the Village or a facsimile thereof. Interest coupons attached to said bonds shall bear the facsimile signature of the Finance Director. They shall be designated "Service Building Bonds", and shall be payable in lawful money of the United States of America at the main office of AmeriTrust Company, Cleveland, Ohio, without deduction for its services as the Village's paying agent. Section 4. That for the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds, promptly when and as the same falls due and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all the taxable property in said Mayfield Village, in addition to other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay interest upon said bonds as and when the same falls due and also to provide a fund for the discharge of the principal of said 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 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 all interest collected on the same, sha11 be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall due.