1955 513 Ordinance - Laserfiche WebLink

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Sec. 3. Said water main bonds of 1955, Series B, Village portion, shall be .issued in the principal sum of ~30a000.00 for the__purpose of constructing the Village of Mayfield portion of the cost of constructing water mains isi the roads as provided in Section 2 herein. Each of said bonds shah. be in .the denomination of X1,000.00, shall. be dated September lsta 19559 and shall bear interest at the rate of 3~ per annum, payable semiannually on th~2 1st dais of June and December of each year, beg:iair~a.r~g June 1, 1956• Said bonds shall mature in .the amounts of X2,000.00 on the 1st day of December in each of the years 1956 to 1975, both inclusive, which said bonds are hereby determined to be in equal annual installments; and said bonds shall be numbered from l to 30, both inclusive. The principal and interest of said bonds shall be payable at the I'~ain Office of the National City Bank, Cleveland, Ohio. Sec. 4v Said bonds shall express upon their face the purpose for which they are issued and that they .are issued pursuant to this ordinance, and shall be signed by the Mayor and Clerk and sealed with the corporate seal of said Village. The interest coupons attached to said bonds shall bear the facsimile signature of the Clerk. Sec. 5. For the _purpose of providing the necessary funds to pay the interest :on .the foregoing issue of boards, 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 Mayfield Vi3.Zage, in addition to all other taxes, a direct tax annua]~.y during the period said bonds are to run in an amount sufficient to provide tl~ funds to pay the interest upon said bonds as and when the same falls due and also to provide a fund for the discharge of the principal of said bonds at maturity, which tax shall be not less than the interest and sinking fund tax required by Section 11 of Articl~8 XII of the Constitution of Ohio. Said tax shall be levied outside the ten mill.l~.n~.tatione Said ~~ shall be and is hereby ordered levied, computed, certified and extended upon the tax duplicate and collected by the same officers, 3n the same manner and at the same time that taxes for general purposes are certified; extended and collected in each of said years. Said tax shall be placed before and in preference to all other items for the_full amount thereof. The funds derived from said tax levies hereby required shat be placed in a separato and distinct z'`und, tahich together with all interest collected on the same, shall be irrevocably pledged for the payment of the ihterest and principal of said bonds when and as the same falls due. Sec. 6, Said bonds shall first be offered to the officer in charge of the oayment Fund of this Village at par and accrued interest and if said official refuses to take any .or all of said bonds, the bonds not so taken shall be advertised for sale in the manner provided by 1a-~. The bond sale adver{;isement shall state that anyone desir3.ng to do so may present a bid or bids for such bonds based on their bearings different rate of interest than. hereinbefore fixed, provided, however, that tdhere a fractional interest rate is bid, such fraction shall. be oneoquarter of one percent or a multiple thereof. The amount of the bond or certified check to accompany bids shall. be X300®00. The proceeds from the sale of said bonds, except the premium and accrued interest received from such sale, shall be used for the purposes aforesaid and for no other purpose. The premium and accrued interest derived from such sale shall be transx""erred to the Bond Payment fund and used for the payment of said bonds and the interest thereon, as provided by law.