1930 113 Ordinance - Laserfiche WebLink

Home Browse Search

d Ordinance No, 113D Sheet No. 2 It is hereby d.eter?nined tha'u- the above mat-arities are in suastasztial3.y equai annual 3.nstal]sn.en-tsa t'Said bonas sha1,l be of the deno'ninat3.on o?" $1000000 each; shal1 bear ?.izteresi at the rate ofi' s3x per con,?;u?rn (6%) per annura.. vayable semi-a-nziua7.ly -bn. th.e first days of March arzd Septeinber -of each year and foa° whych amount the proper :i.r_tero-st couponN b-aring a farsim-3le of the signature of ?11e clerk shall be atvached to and made a part; of said bonds9 provivledi however, that i£ sa3.d bonds are so? d bearing 'a different rai;e of interas*; than hereiubefo_re specified, 3vcii boncl_s, sh.aJ.l bear such rate oi interest as may be prov:i.ded for in a resol.utior_ oz" C ounc? 7. approt'ing the award thereoi m Princ ipa? and interes V shall be payable at •the main of_fice of The Ceniral United Nati'Lona1 Bank of ClPvela-qd, in the City of Cleveland.s 0'ni o . "It is hereby stated and recited that the f.i:naT "ta± sottleznerit betv,r??n the county treasurer and the Village o£ Mayl°ield, next follovving the inclusion of atax for the issue of the bonds herein provided for in the annual budget, as provided by law, will take p1are 3.n September, 1931, '°Section 3m For the pui°pose of protr3.ding the necessary iu.nds to pay the interest on the foregoing issue of bond.s promptly wheiz and as the same fa11s dve, and als oto provide a f'-an.d SLZTnFicient to discharoe the said serial barids at maturity' there shall be and a,s her6by levisd or3 aIl taxable property in 'Uhe Village of ?fayfield, in addit3 0i1 to all o-bher taxes, , a di.ree u tax aiuaually duririg the periocl said bo-Lids aro to runs in an amount suff. xc3.ent to provide funds to pay the intorest upon said bonds as and when the sama shall fall.due, and also to provide a fund for the discharge of the principal of said serial bonds at mataritgs wh.ich tax shall not; be less than the interes'u snd si.nki-ng fu_d tax 'required by Sec. 11 0f article XII of the constitution. Prov'ided' howevea, that in each year that the ass-easmen.ts anticipated by said bondg arP payabla and are applicablP t o the payraen.t of such intarest and princina1 ana aro appropriated for such purpose, the amount o?' such tax shall be reduced by the amoz.ant o; •the asseasinent so appropriateda Said ;ax s'na11 be and is here'uy ordered computed, certiiied9 7_evied and extended upan the tax dupl3.cate and collected by the same officers; ixi the same mann_er and at the same time that taxes for general purpcses fola each of said years are certif3ed, extended and collected. Said tax shall bE pZaced before and in prefc;rence to al1 other ite:ns and for the full amount thereof. The fund.s deraved .from said tax leva.as hereUy required, shall be p1aced in a seaarate an,d distinrjt'fund, uvhich, together ivitri, the ].rite3'e8t ? collected on -the same, sha11 be irrevocably p3.edged for the pagrnent of princi,pal and interest of said bonds when and as the satne falls due. 'tSec-bioYi 4o T:ne Vi].lage Clerk is hereby authorized and