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Sec, 2~ Said bonds shall be numbered 1 to 58, inclusive, shall be
<br />dated August 1, 1962, and shall bear interest at the rate of 3-1/2% per
<br />annum, payable semi-annually, on the first days of June and December of each
<br />year, beginning December 1st, 1962, shall be of the .denomination of $1,000,00
<br />each, except that Bond Noe 1 shall be in the amount of $1,330.00, and shall
<br />mature as follows,_which maturities are hereby determined to be substantially
<br />equal annual installments, to-wit;
<br />$5,33 0 00 on December 1, 1963,
<br />$5,000¢00 on December 1, 1964,
<br />$6,000,00 on December 1, in the years 1965 to 1972,
<br />both inclusive,
<br />Sec. 3, Said bonds shall be designated t~ Water Main Improvement Bonds
<br />of 1962~~ , shall be signed by the Mayor and the,Clerk, shall.be sealed with
<br />the corporate seal of said Village, and the: interest coupons attached thereto
<br />shall bear the facsimile signature of the Village Clerk and shall be payable
<br />at the Main Office of the Central National Bank of Cleveland, Cleveland, Ohio¢
<br />Sec, 4. That said bonds may be issued and sold at such rate of
<br />interest other than that hereinabove specified as may be specif ied by this
<br />Council in its resolution awarding the sale thereof.
<br />Sec. 5, The proceeds of the sale of said bonds, except the premium
<br />and accrued interest thereon and the portion sold to cover interest pending
<br />the collection of assessments, shall be deposited to the credit of the Village
<br />of Mayfield Water Main Improvement Fund for the purpose of paying the aforesaid
<br />anticipation note and the cost and expenses of said improvements, for which
<br />said purpose said money is hereby appropriated, '
<br />Sec, 6, The premium and accrued interest, if any, received for the
<br />sale of said bonds and the proceeds of the portion of said bonds sold to cover
<br />interest thereon pending collection of assessments shall be applied to the
<br />payment of the principal and interest of said bonds in the manner provided
<br />by law,
<br />Sec+ 7, A11 installments of said assessments and portion thereof,
<br />together with interest thereon, shall be applied to the payment of said bonds
<br />and interest as the same become due and for no other purpose whatsoever,
<br />Sec, 8, For the purpose of providing the necessary funds to pay the
<br />interest on the foregoing issues of bonds promptly when and as the same falls
<br />due and also to provide a f and sufficient to discharge the said serial bonds
<br />at maturity, there shall be and is hereby levied on all the taxable property
<br />in the Village of Mayfield, in addition to all other taxes, a direct tax
<br />annually during the period said bonds are to run, in an amount sufficient to
<br />~~provide~funds to pay the interest upon said bonds as and when the same falls
<br />:due, and also to provide a f and for the discharge of the principal of said
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