1959 671 Ordinance - Laserfiche WebLink

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Sece 2e That said bonds shall be numbered 1 to 30, inclusive, shall be da-ted September l, 1959g and shall bear interest at the rate of 4-1/2% per annum9 payable semi-annua7ly on the lst days of June and December of. each year, beginriing June ls-c., 1960., shall be of the denomination of $1'000.00 each, excep ? thati Bond No, 1 shal.l be in the amount of 8 570*00 , and shall ma-ture as f o1l:ows, which matu.rities are hereby determined to be substantially equal annual ins-i-,al]anents, to UTits ? ? ? ? m (L co m ? ? d ? z U) d ? ? - @ ? m GL ? m ? 3,570000 on December lst, 1961; ??.90(?0000 0?. T?ecember ?..st a,n -years 1962. and 1963; $ 3,000.00 on December ls°G in years 1964 to 19699 . both inclusive; Sec- 3. That said bonds sha11 be designa-ted "Water Iqain and SideUralk Bonas of 9 9t', shaJ1 be signed by the 1`Zayor and Clerk, shall be seal.ed wi.th the corporate..seal of said ViLlage9 and the interest coupons attached thexeto shall bear the facsimile signature of the Village Clerk and shall be payabl.e at the Yiain Office of -the Centr•al Natianal Bank of Cleveland' Cleveland, Ohio. Sec. 4. That said bonds may be issued and sold at such rate of , interest otrer 'uhan that he-reinabove specified as may be specified by this Council in i-P,s res oZ.ution awarding the s ale thereof, Sec. 5. That the proceeds of the sale of said bonds9 except the premium and acciued in-terest thereon and. the portion sold to cover in'-?erest pending the collection of. assessments, sha11 be deposited to the creait of the Village of Mayfield. Water 1v1ain and Sidewalk Iraprovement Funds for the purpose of paying the a.foresaid anticipa-tion note az d the propErty ownzers ' portion of the cast,s andeapenses of said improvemeni4 for t,rhich said purpose said money is hereby appropriateda Sec. hq The prem3.um and accrued interest, if aW9 received for the sale af said bonds and the proceeds o'L the portion of said bonds sold to 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 law. Sec. 7. That al_ ins-Eallments of said assessments and portions thereof, together wiluh interest thereon, sha11 be applied to the payment of said boncls and interest as -`uhe same become due and for no other purpose whatsoever. Secm 8. That for the purpose of providing the necessary furn3s -to pay the int,erest on the foregoing issues of bonds promptly when and as the same fa11s due and al.so to provide a fund sufficien-t to discharge the said serial bonds a'u maturity., there shall be and is hereby levied on all the tarable property in the ViLage of Nlayfield, in addi'-ua.on to all o-ther taxes, a direct tax annually during the period said bonds are to run, in an amotan.t suffic?ent to prov3.de funds to pay the in-terest upon said bonds as and when the sarae fal.ls due, and also to protr5.d.e a fund for the discharge of the pra.ncipal of said serial bonds at maturi-L-y, which tax sha11 no-c be less than the interest