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Center Road, in accordance wi.th the legislation heretofore passed by the <br />Village Council witlz respect there-to, to pay the property oi-mers t sha-re of <br />the cost and expense of said improvement, it is hereby declared necessary <br />to issue and there shall be issued notes of said Village in the amount of <br />$S800 e OOe <br />Sec. 4. That such anticipatory notes in t,ne amount aforesaid shall <br />be issued bearing interest at such rate not exceeding two and seven-eighths <br />per centiam ( 2-7/8/) per anrnzm as may be fixed by the SIillage C1.erk in his <br />award of said not,es at private sale, such interest to be payable at maturitya <br />Said no-tes shall be dated as of the day of issuance and shall mature on or <br />before one year from such date, Such notes shall be executed and delivered <br />in such number and such denominatioils as may be requested by the purchaser thereof. <br />Said note shall bear interest a t the rate of 4% per annum after maturity. <br />Sec. 5. Such notes shall be executed by the Mayor and Village Clerls <br />and bear the s eal of th.e corporatio-ii. They shall be payable at the Office of <br />the Treasurer of the Village of PZayiield, Jhio; they shall e:cpress upon their <br />face the purpose for Tah3.ch they are issued and tha-t fhey are issued pursuant <br />to this ordinance. <br />Sec. 6. All assessmen-ts collected for the improvements aforesaid <br />and unexpended balances remainino in the funds after the eosts and expenses <br />oi said improvemen'us have been paid, shall be applied to the payment of said <br />notes and the interest thereon until both are fu]_l,y provided for. <br />Sec, 7. 5aid notes shall b e first offered t,o the treasurer as officer <br />in charge of the Bond Retirement Fund, and so many of 'clae same as shall not <br />be talcen by said fund shall b e sold at private sa7.e by the Village Clerk for <br />no'u less than par and accr°ued interest, and the proceeds from such sale, <br />except any preru.um and accrued interest thereon ( and the amount thereof <br />necessary for the payment of in-terest prior to the maturity of said no-tes)9 <br />shall be paid into the proper fund and. used for the purpose aforesaid and for <br />no other purpose, and for uTh-i.ch purpose said money is hereby appropriated. <br />Ar?y premipun and accrued interest ( and the amoi.zn'u necessary f or -the payment <br />o£ interest prior to their maturity) shall b e transferred to the Bond Retirem <br />ment Fund to be applied in t he payment of principal and interes'c of said notes <br />in the manner provi.ded by law. <br />Sec. 8. Sa3.d notes shall be the full general obl.igations of the <br />Vi1l.age and the fu11 fa1.'f,11' credit and revenue of said Village are hereby <br />pledged for -L-he prorapt payment of the sarne. The par value to be receivecl <br />from the sale of the bonds anticipated by said notes and amj excess fund <br />resulting from the issaance of said notes sha1.1., to the exten'u necessarv.7 <br />be used only f or tkie retirement of said notes at matiurity9 t ogether with <br />interes'c thereon9 and is hereby pledged for such purpose. <br />Secv 9. In the event that such assessments are not levied or bonds <br />are not issued to Drovide a fund for the payrn.enn', of said notes at n?aturity' <br />a general tax shall be levied against all of the property in said Village <br />for the payment of such notes and the in-teres-c thereon. <br />.?? <br />. ?.