1964 852 Ordinance - Laserfiche WebLink

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Sec, 2,-Said bonds shall be numbered 1 to lU, inclusive, shall be dated August 1, 1964, and shall bear interest at the rate of 31/2% 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 Nos 1 shall be in the amount of $700*00, and shall mature as follows, which maturities are hereby determined to be substantially equal annual installments, to-wits $1,700,00 on December. 1, 1965, $2,000.00 on December 1, in each of the years . 1966 to 1969, both inclusive. Sec, 3. Said bonds shall be designated "Sidewalk Improvement Sonds of 1964", shall be signed by the Mayor and the Clerlc, shall be sealed with the corporate seal of 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 Bank of Cleveland, Cleveland, Ohio, Sec, 4o That. said bonds may be issued and sold at such rate of interest other than that hereinabove specified as.may be speeif ied 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 Mayf field Sidewalk Improvement Fund for the purpose of paying the aforesaid anticipation note and the eost_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 at the same become due and for no other purpose whatsoever. Secs 8. For the purpose of providing the necessary funds to pay the interest on the foregoing issues of bonds promptly when and as the same falls due and also to provide a fund sufficient to discharge the said serial-bonds at maturityi 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 rung 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 fund 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