1982 020 Ordinance - Laserfiche WebLink

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- z - Said bonds shall bear interest at the rate of 12-1/2% per annum, payable December 1, ' 1982, 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 provided in the resolution or ordinance of Council approving the award thereof. Said bonds shall mature in their consecutive serial order as follows: $11,500 on December 1, 1983, $1.1,000 on December 1 in each of the years from 1984 to 1987, both inclusive, and $12,000 on December 1 in each of the years from 1988 to 1990, both inclusive; which maturities are hereby determined to be in substantially equal annual installments. 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 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 f acsimile signature of the Finance Director. They shall be designated "Echo Drive Improvement 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 Villa e'_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 Ohio Constitution; provided, however, that in each year when the assessments anticipated by said bonds are available for the p ayment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessments so appropriated. 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, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall due. Section 5. That all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same=shall become due.and to no other purpose whatsoever. Section 6. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in and for the issuing of said bonds, in , order to make them legal, valid and binding obligations of the Village, have happened,