Laserfiche WebLink
Ohio, the laws of the State of Ohio, the Charter of Mayfield Village and <br />the Codified Ordinances of Mayfield Village, Ohio, 1979, as amended. <br />Section 6.. That the par value to be received from the sale of <br />the Bonds and any premium or accrued interest resulting from the issu- <br />ance and sale of the Notes shall, to the extent necessary, be used only <br />for the retirement of the Notes at maturity, together with interest <br />thereon, and are hereby pledged for such purpose. <br />Section 7. That, during the period while the Notes run, there <br />shall be and is hereby levied on all the taxable property in the Vil- <br />lage, in addition to all other taxes, a direct tax annually not less <br />than that which would have been levied if the Bonds had been issued <br />without the prior issuance of the Notes. Said tax shall be and is <br />hereby ordered computed, certified, levied and extended upon the tax <br />duplicate and collected by the same officers in the same manner and at <br />the same time that taxes for general purposes for each year are certi- <br />fied, extended and collected. Said tax shall be placed before and in <br />preference to all other items and for the full amount thereof. The <br />funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund, which, together with all interest collected <br />on the same, shall be irrevocably pledged for the payment of the princi- <br />pal of and interest on the Notes, or the Bonds in anticipation of which <br />they are issued, when and as the same fall due. <br />Section 8. That, notwithstanding any other provisions of this <br />Ordinance, the Village hereby covenants that it will restrict the use of <br />the proceeds of the Notes and of the moneys or funds held hereunder in <br />-5- <br />