1980 038 Ordinance - Laserfiche WebLink

Home Browse Search

this Ordinance; and shall be payable as to both principal and interest at the office of the Director of Finance, Mayfield Village, Ohio. Section 4. That the Notes shall first be offered to the officer in charge of the Bond Retirement Fund for investment in such Fund and, if rejected by such officer, shall be sold at private or public sale by the Director of Finance at a rate or rates of .interest not exceeding the limitation set forth in Section 3.hereof, such sale to be made at not.less than the par value of the Notes together with accrued interest thereon, if any. Any premium and accrued interest shall be credited to the $ond Retirement Fund to be applied to the payment of the principal of and interest on the Notes in the manner provided by law. Section 5. That the faith and credit of the Village are hereby pledged for the payment of the principal of and interest on the Notes at maturity, in accordance with the Constitution of the State of Ohio, the laws of the State of Ohio, the Charter of Mayfield Village and the Codified Ordinances of Mayfield Village, Ohio, 1979, as amended. .Section 6. That the par value to be received from the sale of the Bonds and any premium or accrued interest resulting from the issu- ance and sale of the Notes shall, to the extent necessary, be used only for the retirement of the Notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. That, during the period while the Notes run, there shall be and is hereby levied on all the taxable property in the Vil- lage, in addition to all other taxes, a direct tax annually not less than that which would have been levied if the Bonds had been issued -4-