1930 108 Ordinance - Laserfiche WebLink

Home Browse Search

Se c t i on 3. Yor the purpos e of p rov-id ing the nec:essary funcls to pay the interest on• the farego ing issue of bonds- -prompt.ly when a nd a s the s°ame fa1Ts-due, a?nd a1so to provide a fund suffieient to discharge the said serial bonds at, ua.turity; ther.e sI-ia.l.l be and is hereUy levied on al1 taxa.ble property in t.he viTlag.e of Mayfi.eld, in add'ition t.o all other taxes,.. a 'direct tax a.nnua.lly durind the period said bonds. are to run, in an amouri.t. ,sufficient t.o. provide ftznds to, ?,?.ay the ' interest upon said bond:s a.s and wlien the same sYaIT fall.,dues a_nd al.sa t:o provide a fund fo.r the- disclarge of the priricipal' of said seria.l'"bonds at maturity, w4ie:h tax shall not be less than the interes:t and s_inking fund tax required by Secs 11 Qf article XII of the 'cons`tituti:`ori. Pravided, ho?vJever, ti-at in each year that,the,a.ssessmnts anticipated by said bo:nd.s a.re- payabZe and 'a.re. ap:pli:cabZe t.o. -the Zxz`ymerit -of such interest ?.nd princ•ip"al and? are a.ppropr?iated 'for- such purpase,, the, amount of "such tax shall be reduced by the amount..of., the? assessment so- . appropri?,ted.. ' Sa;id ta', shalZ` be and is hereby ordc;reFd c.omputed, cert if ied, levied"and extended upan the tax duAlic?, te? a.nd ?collec- - ted by the same offi.cers, in the same mnner and a t th.e same time tha,t taxes. for beneraT purposes;.far each of sa;-id years aie certiffed, extended and c.olleat.ed. Sa.id ta.x sha11 be placed be'fore anct in preference t.a a_ll o;ther: items` and for the fuTZ amount thereof. ^1he funds de'riged from: sa.id tax leviets hereby requireds shall be ple.ced in a sepa.rate and d istinet fund, v,rhich, tagether tvith the inter-est collect.ed on ?he same, shalT be ir- rEVOCab1y pTedged for t-he ?a,yt`nent. of ?principal..,and, interest of said bonds tivhen and as the same fall due,- Sect.ion 4. The village clerk, is hereby a.uthor- ` - -ized and ditected- to -cert ify a copy of this. ordinance to the. a.uditor.- of Cizyahoga County, C3hio; a.ccor- ding to 1aw.. ' ` ° Section 5. That a11 insta Ilments, of said assess- ments, a_nd' a:ll` port.i ons? t.hereo.f ,to- gether`tivith interest thereon, shall be applied ta the jza.yment of sa_id bonds and interest as the. sa.ine shall become due and to rio otYierpurpose whatsoever. ', 'In the e.vent t.hat the amount of bonds required. to b2- is sued for sa id ' improvzment shaTl be reduced by the cash payment. by the pr?.oper?y owners in accordance tiq1?h the°option includecl in the assessingordinancef such reducti.on - shall be aecornpl.ished by reciucing' all of the serial. bonds herein- above provided.for so as to retain substan.tially equal annuaZ mat:urities. - . e . Section 6. earli:est r.eri.od aliotived by_ lativ;. RLs sed the 7th , day Ati ti_0 S tw: ?pt.c.?i J ,9 . 49 SEAL ) Cle xk. ` That this ord inance sha.ll take effect and be in force from and afte?, t-he of_' Tul'y, A. D. 1930.. CA _4 Myo r- Pr.es ide t of Counc Ll