1955 517 Ordinance - Laserfiche WebLink

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Notes shall not be issued in anticipation of the issuance of said Series B Bonds. Sec. 3Q Said water main bonds of 1955, Series B, Village portion, shall be issued,in the principal sum of ~a1~0,000.00 for the. purpose of paying the cost of constructing the ViL.age of Mayfield portion of the cast of constructing water mains in the roads as provided in Section 2 hereino Bach of said bonds sha11 be in the denomination of 1,000.00,.shall be dated September l.st, 1955, and shall bear interest at the rate of 3®1~2i per annum, payable semi-annuallyy on the 1st days of June and December of each year, beginning June 1, 1956®. Said bonds shall mature in the amounts of X2,000.00 on the lst day of December in each of the years 1957 to 1976, both inclusive, tahich said bonds are hereby determined to be in substantially equal annual installments and said bonds shall be numbered from l to 1~0, both inclusive. The px~.ncipal and interest of said bonds shat be payable at the Main Office of the National City Bank, Cleveland, Ohioo Sec. ~e Said bonds shall express upon their face the purpose for which they .are .issued and that they are issued pursuant to this ordinance, and sha11 be signed by the Mayor and Clerk and sealed with the corporate seal of saa.d Villlage® The interest coupons attached to said bonds shall bear the facsimile signature of the Clerk Seca 5. 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 T~.J~field Vi.~l.age, in addition to a11. other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide the 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 sha11 be not less than the interest and sisilsi.rig fund tax required by~Section 11 of Article XII of the Constitution of Ohio. Said tax shall be levied outside the ten mi]~._i;m;tation. Saa.d tax shall be and is hereby ordered levied, computed, certified anti extendsd upon the tax duplicate and collected by the carne officers, in the same manner and at the same brie that taxes for general purposes are certified, exttended and collected in each of.said years e. .Said tax shall be placed before and in preference to all other items for the__fu11 amount thereof, The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which together with all interest collected on the same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same falls dueo Sec. 6. Said bonds shall first be offered to the officer in charge of the Bond . tirement Fund of this Vi.7.lage at par and accrued interest and i.f said official refuses to take any or_all of said bonds, the bonds not so taken shall be advertised for sale isi the manner provided by law. The bond sale advertisement shall state that anyone desiring to do so may present a bid or bids for such bonds based on their bearing a different rate of interest than hereinbefore fixed, provided, hoUaever, that where a fractional interest rate is bid, such fraction shall be one®quarter of one percent or a multiple. thereof. The mount of the bond or certified check to accompany bids shall be ~?~00®00. The proceeds from the salE of said bonds, except the premium