1928 096 Ordinance - Laserfiche WebLink

Home Browse Search

SECTION 5. In the event arW of the owners of anty of said property so speciall.,y assessed shall pay their total assessments in cash within thirty days of the date.of the final passage of the oidinance levying such special assessments, the aggregate amount of bands to be issued shall be reduced by deductinr; the amount so paid in cash from the total amount of the bonds to be issued, and the bond herein provided for first maturing shall be correspondingly reduced by the omission of so much thereof as shall equal the amount of assess- ments so paid, or by changing the denomination of one of said bonds, or both, as the case may be, a.nd the amount to be credited to the foregoing f`und from the sale of said bonds shall be likewise reduced by the.amount of the assess- ments so paid in cash for such improvement. SECTION 6. That all installmen-Ls of said assessments:and all portions thereof, together with interest thereon, shall be applied to the payment of sa,id bonds and interest as the same shall become due, and to-no other purpose ivhat- soever. SECTION 7. Tha,t the.faith, revenue and credit of the Village of Mayfield, State of Ohio are hereby pledged for the paytnent of both nrincipal and interest of the bcnds hereinbefore described, tvhen due, and in accordance tivith the laws and constituttiori of the State. bf Ohio. .. SECTION 8. That ior the purpose of providing the necessary fuids to przy the interest on the 'foregoing issue of bonds propmtly when ans as the same falls due, and also• to create and main.tain a sinking fla.nd sufficient to dische,rge the said bonds at maturity, there shall be, and is hereby levied on all the.lots and la,nds bounding and abutting upon said improvement, as hereinbefore described, in addition to all other taxes, a direct tax annually during the period for which sa.ic3 bo;?ds are to run in an amount suff3cen:t to; provide for any defi- ciency in the levy, payment or collection of said assessments as the same fall due. - . - - That said tax sha11 be and is hereby ordered computed, certiiied,leviea and extended upon the tax-duplicate ancl collected by the same officers, in. the same manner a,n.d at the same time that-the taxes for general purposes for each of said years are certified, extended and collected._ .. That all f'unds derived from said tax levies reg,uired by the assessing ordina.nce_passed,Septemher 17th 1928 to pay for.said improvement, or from tax levied hereby required, shall be.placed in. a_ separate and distinct f,ind, ivhich, together with all interest collected on the same, shall be 3rrevocably pledged for 1;he payment of the intereat and principa,l of said bonds when and as the same fall due. . _ , : . SECTION 9e This ordinance shall take effect and be in force from and after the'earliest period allowed by lawro . Passed;..September 17th 1928. Tlf.syor and President of the Council. gTTEST: , . ? Clerk,:of 'he Council.. . . , .