1985 003 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 85-3 PAGE FOUR shall be the valid obligations of the Village, evidencing the same debt, and entitled to the same security and benefit under this ordinance, as the Bonds surrendered upon that exchange or transfer. Any Bond surrendered to the Bond Registrar for payment, or retire- ment, exchange, replacement or transfer shall be cancelled by the Bond Regis- trarv The Village may at any time deliver to the Bond Registrar for cancella- tion any previously authenticated and delivered Bonds that the Village may have acquired in any manner whatsoever, and those Bonds shall be promptly cancelled by the Bond Registraro Written reports of the surrender and cancel- lation of Bonds shall be made to the Finance Director of the Village by the Bond Registrar at least twice each calendar year. The cancelled Bonds shall be retained for a period of time and then returned to the Village or destroyed by the Bond Registrar as directed by the Finance Director in accordance with the Agreement. Section 7. The Bonds are offered at par and any accrued interest to the Finance Director, as officer in charge of the Bond Retirement'Fund of the Village. Bonds not purchased for the Bond Retirement Fund or for other funds of the Village shall be advertised for public sale and sold in accordance with law and the provisions of this ordinance. The Finance Director shall cause the Bonds to be prepared and, following their sale, shall have the Bonds signed and delivered, together with a true transcript of proceedings with reference to the issuance of the Bonds, to the original purchaser upon payment of the purchase price. Section 8. The proceeds from the sale of the Bonds, except any pre- mium and accrued interest, shall be paid into the proper fund or funds and those proceeds are appropriated and shall be used for the purpose for which the Bonds are being issued. Any portion of those proceeds representing premi- um and accrued interest shall be paid into the Bond Retirement Fund to be applied to the payment of the principal of and interest on the Bonds in the manner provided by law. Section 9e All special assessments collected for the improvement described in Section 1, and any unexpended balance remaining in the improve- ment fund after the cost and expenses of that improvement have been paid, shall be used for the payment of the principal of and interest on the Bonds until paid in full and shall be used for no other purpose. In the event and to the extent that those special assessments are not collected but, in any case, for the Village's portion of the Bonds, there shall be levied on all the taxable property in the Village, in addition to all other taxes, a direct tax annually during the period the Bonds are outstanding in an amount sufficient to pay the principal of and interest on the Bonds when due, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio Constitution. The tax shall be within the ten-mill limitation imposed by law, shall be and is ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that taxes for general purposes for each of those years are certified, levied, extended and collected, and shall be placed before and in preference to all other items and for the full amount thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund,