1954 483 Ordinance - Laserfiche WebLink

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-2- in each of the years 1961 to 1965 both inclusive. Sec. 3. That said bonds shall be designated "dater Main Bonds of 19511" shall be_si`~gned by the 1'~ayor and Clerk, sha71 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 Bank, Cleveland, Ohio. Sec. 4. That said bonds may be issued and sold at such rate of interest other than`~t hereinabove specified as may ~ specified by this Council in its resolution awarding the sale thereof. e Sec. 5. That-the proceeds of the sale of said bands, except the premium and accrued-interest thereon and the portion sold to cover interest pending the collection of assessments, shall be depssited to the credit of the Village of Mayfield dater Main Improvement Fund for the purpose of paying the aforesaid anticipation note and the property owners portion of the costs and expenses of said improvement, far which said purpose-said-money is hereby appropriated. Sec. 6. The premium and accrued interest, if ar~r, received for the sale of said .one c~s.aid,the proceeds of the portion of said bonds sold to cover interest thereon pending collection of assessments shall be applied to the payment of the principal and interest of said bonds in the manner provided by law. Sec. 7. That all installments of said assessments and portions thereof, togetherrwith.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. 8. That for the purpose of providing-the. necessary funds to pay the interest-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 the=taxable property in the Vi]lage of Mayfield, in addition to all other taxes, a direct 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 fall due, and also to provide a fund for the discharge of the principal of said serial bonds at - maturity, which tax shall not be less than the interest and sinking-fund tax required by Section 11 of Article %II 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 same 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 all other items and for the full amount thereof, the funds derived from said tax levies hereby required shall be placed in a separate fund, which, together with interest collected on the same, shall be 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 that the assessments anticipated by said bonds are payable and are applicable to the payment of such interest and principal and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessment so appropriated. Sec. 9. That the Village Clerk is hereby directed to forward a certified copy of this ordinance to the Cuyahoga. County Auditor.