1957 572 Ordinance - Laserfiche WebLink

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Sec.. 3. That said bonds sha11 be designated 'Water Main Bonds of 1957t1, shall be_ signed by the Mayor and Clerk, shall be sealed with the_ corporate _ seal of said Village, and the, interest coupons attached thereto-shall bear the facsimile:._si.gnature of the Village Clerk and shah. be payable at the Main Office of the .Central National Bank of Cleveland, Cleveland, Ohio, Sec. ~.. That said bonds may 'be iss~ied and sold at such rate, of interest other t~t.hereinabove specified as. may be specified by this Council in its resolution awarding the sale thereof. Saco 5: That the proceeds of the sale .of said. bonds, except the - prem3.um_and accrued interest therean and the portion sold to cover interest pending the collection of assessments, shall be deposited to the credit of the Village of Mayfield. ~,Tater Main Improvement Fund-for the purpose of paying the aforesaid anticipation notes and the property owners' portion of the costs and expenses of said improvement, for which said purpose-said money is hereby appropriated. _ _ Sec. 6. The premium and accrued interest, if any, received for the sale of _said~. on~is and the proceeds of the portion- of said bonds sold to i i 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 laST. .~ _ ' Sec. 7. That all installments of said assessments and portions thereof, together .with 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. $..~That for the purpose of providing. the necessary funds to pay the interest.on the foregoing issues of bonds .promptly. when and as the same faYls due and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall, be and .s hereby levied on all the taxable property in the Village-of Mayfield, in addition to all other taxes, a direct • .,, tax annually durng_ the period said bonds are to -rtui, 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 l7. of Artic],e XII of the Constitution ' ~ of Ohio. Said tax shall be and is hereby ordered,.comput~d, certified, levied and,extend,ed upon the tax duplica=te and collected by the same officers in ;. the sane manner and at the same tame that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be ~ pla.ced before and in preference to a11, other items- and for the full amoant ' thereof, the funds derived from said-tax levies hereby required shall be i placed in a separate fund, which, together with interest collected on the same, sha11 be irrevocably pledged for the payment of principal and interest of said bonds when and as the same shall fall due, provided, hovaever, 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.