1960 706 Ordinance - Laserfiche WebLink

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$3,750.00 on December ly 1961, $3,000.00 on December 1, in the years 1962 to 1969, Uoth inclusive, $4,000.00 on December 1, 1970. Sec. 3. That said bonds shall be designated "Paving Bonds of 1960", shall be signed by the tiiayor and tne Clerk, shall be sealed with the corporate seal of said Village, and the interest coupons attached thereto shall bear the f acsimile signature of the Village Cleric and shall be payable at the r4ain Off ice of the Central National Bank of Cleveland, Cleveland, Ohio. Sec. 4. That said bonds may be issued and sold at such rate of interest other than_tnat hereinabove specified as may be specif ied by this Council in its resolution awarding the sale thereof. Sec. 5. That the proceeds of the sale of said bonds, except the premium and accrued interest thereon and the portion sold to cover interest pending the collection of assessments, shall be deposited to the credit of the Village of Mayf ield Faving Improvement Fund f or the purpose of pay-ing the af oresaid anticipation note and the property ownersp portion of the costs,and expenses of said improvements, for which said purpose said money is hereby appropriated. Sec. 6. The premium and accrued interest, if any, received for the sale of said bonds and tne proceeds of the portion of said bonds sold to cover interest thereon pending collection of assessments sha11 be applied to the payment of the principal and interest of said bonds in the manner provided by law. Sec. 7. That all installments of said assessments and portions thereof, together with interest thereon, shall be applied to the payment o£ said bonds and interest as the same become due and for no other purpose whatsoever. Sec. 8. 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 f alls 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 tar,able property in the Vi.llage of Mayf ield, in addition to all other taxes, a direct tax annually during the period said bonds are to run, in an amount suff icient to provide 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 serial bonds at maturitg, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. Said tax sha11 be and is hereby ordered, computed, certified, levied and extended upon the tax duplicate and collected by the same off icers in the same manner and at the same time that taxes f or general purposes for each of said pears are certif ied, extended and collected. Said tax shall be placed before and in pre£erence to all other items and f or the full amount thereof, the funds derived f rom said tax levies hereby required