1951 393 Ordinance - Laserfiche WebLink

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interest at the rate of 3~ per annum, payable semi-axtnually on the first day of Jun® and Deoeffib®r of.,each year, beginni.ng_ Jane l 1952, Said b©nds shall mature in the amounts of X3,000.00 on the f`.i.rst day of December in each of the years 1953 to 1964 inclusive and X4,000,00 on the first day of December, 1965,, which said bonds are hereby determined. to be in substantially-®qual annual ,installments, and said bonds shall b® numbered from 1 to 40, both incfiusive. Th® principal and interest of said bonds shall be payable at the Main Office of the National City Bank, Clevela~ad, Ohio. Seo, 4, Said bonds shall. esprass upon their face the purpose for which they a~r_ e ' sx su®d and that they are issued pursuant to this ord3.l~ance, and shall be signed,by the Mayor and Clerk and s®aled with the corporate seal of said Village. The interest coupons attached to said bonds shall bear the facsimi.lo signature of-the Clerk, Seo. 5, Far the :purpose of providing the necessary funds to pay the ants rest ova thQ foregoing issue of botads, prr~mptly when and as the same falls due and also t• 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 Mayfield Village, in addition to all- other taxes, a direct tax annually during the period of said bonds are to run in .ate amount sufficient to provide the Hinds to pay the interest upon. said bonds as and when the same falls due and also :to pro~lde a Hind for the discharge of the principal of said bonds at maturity, which. tea shall b® not less than the interest and sint~.ng Bind tax required by Section 11 of Articl~a XII of the Constitut3.on of Ohio. .Said tax shall be levied outsid® the ten mill limitation. Said tax shall .be and is hereby ordered levied, cc~aputed, certified and extended upon the tax duplicate and collected by the setae offic®rs, in the same manner sad at the same time ~.at taxes for general purposes are certified, extended and collected in each of said years. Said tax shall be placed before and in preference to all ,other iteans for the full amount thereof. The funds derived from said. tax lovias hereby required shall b® placed in a separate and distinct fund, which tog®ther 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 falls due. Sec• 6• Said bonds shall f3.rst bo offered to the officer in charge of the Bond .Payment Fund of this Village at par. and accrued interest and if said official refuses to take any _or all of said bonds' the bonds not so taken shall be advertised for sale in the manner provided by law. .The bond sale advertisement,. shall ,stato that anyone desiring to do so may present a bid or bids for such bonds based on .their bearing. a different rate of interest than hereinbefore fixed, provided, however, that where a fractional interest rata is bid, such.fraution shall be one-quarter of one percent.or a multiple thereof. The amount of the bond or certified, check to accoYdpaa~p 'bids shall be X400.00, The praceeds from the sale. of said brtads, except the premium and.aocrued interest r®ceived fra¢n such-sale, shall be used for the purposes aforesaid and for po other purpose. The premium. and accrued interest derived from such sale shall be transferred to th® Bond Payment k~.ind and used for the paym®nt of said bonds and the inter®st thereon, as prav~ded by law• Seo. 7. 'The Clerk of the Village of Mayfield is hereby directed to certify.a..copy of this_Ordinanc® to they County Auditor of Cuyahoga County, Ohio,