1947 278 Ordinance - Laserfiche WebLink

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Section ~. 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 to provide a fund sufficient to discharge the said serial bonds at maturity, the~e shall be and is hereby levied on all the ta,.`.able property in said ViLage of Mayfield, in addition to all other ta..~es, _ a direct taY annually during th.e period s_~.id bonds are to run in an amount suf='icient to -provide funds to pay interest upon said bonds as -and when the same falls due and also to provide a. fund for the disch:a.rge of the principal of said serial bonds at .rnatarity, which ta<~ shall be not less than the interest and sinking fund ta:x reauirec3. by Section 11 of Article XII of the Constitution, which ta:x stia,ll be outside of all tax limitations. Said tax shall_ be and is hereby ordered computed, certified, lavied and extended upon the tax duplicate and collected by the s~~ane officers, in the sa.mne ;na~nner and at the same time that taxes for geno:°al puiposes for each of said years are certified, e~.tended and collected. Said ta.: ~ 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 rer~uired shall be placed in a sepa-r.-^..te ~~.nd distinct fund, which togethar with a1.1 intorest collected on the same, shall be i-rrevocab].y pledged for the paymant of the interest and principal of said bonds when and as the same fa~l_ due. Section 6. Said bonds shell be first offered at par and accz~a.ed interest to the Village Treasurer in charge of the Bond Reti-rernent Fund, and if said Treasurer refuses to take any or all of said bonds, then said boxids not so taken shall be advertised for public sale and sold in the manner provided by law, but not fox less than their par value a.nd accrued interest; the bond s~~.le advertisez~nent sh~~11 state that any one desiring 'to do so, may present a b3.d or bids for such bonds based upon their baaring a different race of interest than hereinbefore fixed, provided, however, that where afraction:=~l interest rate is bid, such fraction shall be one-quarter of one pez° cent, or multiples thereof; the proceeds from the sale thereof, except the premium and accrued interest thereon shall be used for the rnzrpose afores:~.id and for no other purpose; the premium and accrued interest received from such sale shrill be -transferred to the Village Treasurrer in clz~.rge of the Bond Retirement Fund to be applied by him in the payment of the principal and interest of said bonds in tine manner provided by law. Section 7. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing of these bonds in order to make them legal, valid and binding obligations of said Village of Ni ~yf field, have happened, been done and performed in -regular and due form as requyred by law; that the faith, credit and revenue of said Village of Mayfield, are hereby irrevocably pledged for the prompt payment of the principal and interest thereof at maturity; anc? that no limitation of indebtedness or ta.x:~,tion, either str-.Ltutory or constitLitional, has been exceeded in issuing these bonds. Section g. The Village Clerk is hereby directed to fot~,rard a certified copy of this ordinance to the County Auditor.