1964 851 Ordinance - Laserfiche WebLink

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Sec. 2. Said bonds shall be numbered 1 to 48, inclusive, shall be dated August 1, 1964, and shall bear interest at the rate of 3-1/2% per annum, payable semi=annually, on the first days of June and December of each year, beginning December 1st, 1964, shall be of the denomination of $1,000.00 each, except that Bond No. 1 shall be in the amount of $1900,00, and shall mature as follows, which maturities-are hereby determined to be substantially equal annual installments, to-wit; $4,900.00 on December 1, 1965, $4,000.00 on December 1, 1966, $5,000.00 on December 1, in each of the years 1967 to 1974, both inclusive. Sec. 3. Said bonds shall be designated "Water Main Improvement Bonds of 1964!1, shall be signed by the Mayor and the Clerk, shall be sealed.. with the corporate seal o£ said Village, and the interest coupons attached thereto shall bear the facsimile signature of the Village Clerk and shall be payable at the Main Off ice of the Central National Banlc of Cleveland, Cleveland, Ohio. Sec. 4. That said bonds may be issued and sold at such rate of interest other than that hereinabove specified as. may be specified by this Council in its resolution awarding the sale thereof. Sec. 5. 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 Mayfield 6Jater Main Improvement Fund for the purpose of paying the of oresaid anticipation note and the cost 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 the proceeds of 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. All installments of said assessments and portion 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. 8. For the purpose of providing the necessary funds to pay the interest oci the foregoing issues of bonds promptly when and as the same f a11s 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 taxable property in the Village of Mayfield, in addition to all other taxes, a direct tax annually during the period said bonds are to run, in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same falls due, and also to provide a f and 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 11 of Article XII of the Constitution of