1955 507 Ordinance - Laserfiche WebLink

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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 shat be and is hereby levied on aL the taxable property in the ~illaoe of Iviay-field, in addition to a]J_ 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, tirhich 'pax shall not be less than the interest and sinking fund tax required by Section 33 of Article XII of the Constitution of Ohio. Said tax shall be and is hereby ordered, computed, cei ~ified, levied and extended upon the tax duplicate and co7.J_ected by the same officers in the same manner and at the same time •t'nat taxes for general purposes for each of said years are certified, extended and collected. Said tax shat be placed before and in preference to all other items and for the fu17_ amount thereof, the funds derived from said. tax levies hereby required shall be placed in a separate fund, frizich, together ~,ri_th interest coLected on the same, shall be irrevocably pledged for the pa~,,rment of principal and interest of said bonds when and as tYie same fall due, provided, however, that in each year that the assessments anticipated by said bonds are payable and are appLcable 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 ~iLlage Clerk i_s hereby directed to forward a certified copy of this ordinance to~ the' C-ayahoga• County Auditor. Sec. loo That tl-ii.s ordinance is deemed to be an emergency measure necessary for the immediate preservation of the public peace,:.,~.ea~:th and safety foi: ;thereason .that. the proceeds of the sale of said bonds are immediately needed to preserve' the credit:.of. tYiis Vi]aagem~< This ordinance shall therefore be in full. force and effect immediately upon its passage as an emergency ordinance. Passed this 23rd day of 1Kay, 1955• Approved: rf0 ~ ~ ~ ~~~~~ ..Mayor - esi.dent of ounci_l Attest: ~/ SEPL Clerk