1953 442 Ordinance - Laserfiche WebLink

Home Browse Search

Seo. 3. That said bonds shall be designated ~T1ITater Main Bonds of 1953", s~a~e signed by the Mayor and Clerk, sha7.7. be sealed with the corporate seal_of said Village,-and the interest coupons attached thereto shall bear the facsimile signature of the Village Clerk and shall be payable at the Main Office of the National City Banks Cleveland, Ohio® Sec. ~. That if pursuant to the ordinance levying said special assessmen sand before the sale of said bonds, any such special assessment be paid in cash, the aggregate in bonds to be issued as hereinabove determined shall be reduced proportionately. Sece 5. That said bonds may be issued and sold at such rate of interest her than that hereinabove specified as may be specified by this Council in its resolution awarding the sale thereof® Sec. 6. That the proceeds of the sale of said bonds, except the premium--a`nc~accrued interest thereon and the portion sold to cover interest pending the collection of assessments, shall be deposited to the credit of the Village of Mayfield ~Yater Main Improvement Fund No. 1 for the purpose of paying the aforesaid anticipation note aril the property owneras portion of the costs and expenses of said improvements, for which said purpose said mor_ey is hereby appropriated. Sec. ?. The premium and accrued interest, if ar~r, received for the sale of sazd~onds and the proceeds of the portion of said bands sold to cover interest thereon pending collection of assessments sha71 be applied to the payment of the principal and interest of said bonds in the mariner provided by law, Sec. 8® That all installments of said assessments and all portions thereof,~ther.with ,interest thereon, shall be applied to the payment of said bonds and interest as the same become due and for no other purpose whatsoever. Sec. 9. That for the purpose of providing the necessary funds to pay the i'n~erest on the foregoing issue of bonds promptly when and as the same falls due and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the Village of Mayfield, in addition to all other taxes, a clirect tax annually during the period said bonds are to run, in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same shall fall due, and also to prova.de a fund for the discharge of the principal of said bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section XI of Article XII of the Constitution of Ohio. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers in the same manner and at the sane time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to a1.1 other items and for the full amount thereof, the funds derived from said tax levies hereby required shall be placed 3n a separate fund, which, together with interest collected on the same, shall b e irrevocably pledged for the payment of principal and interest of said bonds when and as the same fall due, provided, however, that in each year the assessments anticipated by said bonds are payable and are applicable