1952 418 Ordinance - Laserfiche WebLink

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Ordinance #!a].8 - Page #2. Sec. 3. That it is necessary and this Council hereby determines that notes shall be issued in anticipation of the issuance of said bonds. Sec. ~. That such anticipatory note in the amount of Twenty Nine Thousand 029,000.00) dollars, which sum does not exceed the amount of -the bond issues shall be issued, bearing interest at the rate of two and one half percent (22/) interest per armum parable at maturity or redemption. Such note shall be dated the day of its execution and shall mature on or before June 15, 195., provided, however, that such note shall be redeemable at any time prior to maturity by said Village of Mayfield, Such note shall bear interest at four (~.~) percent per annum after maturity. _ Sec. 5. Such note shall be executed by the Mayor and Village Clerk and bear the seal of the Corporation. Said note shall be designated «Water Main Improvement Note of 1952 No. 2~~ and shall b e payable at the Main Office of the National City Bank, Cleveland,.Ohio. Sec. 6o Said note shall first be offered to the officer having charge of the Bond ~yment Fund of this Village, and so many of the same as~shall not be taken by said officer shall be sold at private sale by the Village Clerk, but not for less than par and accrued interest, and the proceeds of such sale, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purpose aforesaid and for no other purposes. Any premium and accrued interest shall be transferred to the Bond Payment Fund to be applied on the payment of principal and interest of said note in the manner provided by law. Sec® 7. Said note shall be the full general obligation of the Village, and the f 1 faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and arty excess funds resulting from the issuance of said note shall, to the extent necessary, be used only for the retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Sec. 8. During the period such note runs there shall be levied on all the taxable property in the Village of Mayfield, in addition to all other direct taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such note. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers and in the sasue 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 i.ra preference to all. other items and for the full amount thereof. The funds derived from such tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said note, or the bonds in anticipation of which they are issued when and as the same fall due.