1953 447 Ordinance - Laserfiche WebLink

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and the proceeds of such sale, except any premium and accrued interest thereon, shall be paid into the proper fund and used for the purposes aforesaid and for no other purposes. Arty'premium and accrued interest shall be transferred to the Bond Fayment rand to be applied on the pajnnent of principal and interest of said note in .the manner provided by laws Sec.-7® Said note shall be the full obligation of the Village, and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same0 The par value to be received from the sale of the bonds anticipated by said note and arty excess fund 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 of tn~axable 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 same manner and at the same time;.that taxes for general purposes for each of said years are certified, extended, and col].ectede Said tax shall be placed before and in 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 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, Sec. 9. The Village Clerk is hereby directed to forward a certified copy of this Ordinance to the County Auditor of Cuyahoga County, Ohio. Sec. 10. This Ordinance is deaned to be an emergency measure, necessary for the preservation of the peace, health and safety of the citizens of the Village of Mayfield in that it is necessary to acquire funds for the making of the improvements herein set forth whici~. are vital to the well being of the residents of the Village of Iulayfield, and shall take effect from and after the date of its passage as an emergency measure. Passed this 17th day of August, 1953. Attest: ~~o SEAT~~ C erk Approved r - res-iden " of ounci.