1979 037 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 79-37 Page -2- drawn to mature in twenty-£ive (25) substantially equal annual installments after the issuance thereof. Section 3. That it is necessary and this Council determines that a note (fhe "Note") in the principal amount of Six Hundred Thousand Dollars ($600,000.00) shall be issued in anticipation of the issuance of a like principal amount of the Bonds for the purpose aforesaid. The Note shall be executed by the Mayor and the Director of Finance o£ the Village; shall bear the seal of the Village; shall bear interest at the rate of five and ninety-seven hundredths per centum (5.97) per annum, payable at maturity and, in the event of default, at the rate of eight per centum (8%) per annum thereafter; shall be dated July 25, 1979; shall mature on July 24, 1980; shall be redeemable at the option o£ the Village prior to maturity at par plus accrued interest to the date of redemption; shall be designated "Service Building Note"; shall express upon its face the purpose for which it is issued and that it is issued pursuant,to this Ordinance; and shall be payable as to both principal and interest at the office o£ the Director of Finance, May£ield Village, Ohio. Section 4.: That, subject to rejection of the Note by the officer in.charge of the Bond Retirement Fund for investment in such Fund, the Note shall be and is hereby awarded and sold to Central National Bank and the Director of Finance is'hereby authorized and directed to deliver the Note, when executed, to Central National Bank upon payment of the par value and accrued interest to the date of delivery. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which the Note is being issued under the provisions of tMis Ordinance. Any premium and accrued interest shall be credited to the Bond Retirement Fund to be applied to payment of the principal of and interest on the Note in the manner provided by law. Section 5. That the faith and credit of the Village are hereby pledged for the payment of the principal o£ and interest on the Note at maturity, in accordance with the Constitution o£ the State of Ohio, the laws of the State of Ohio, the Charter o£ May£ield Village and the Codi£ied Ordinances of May£ield Village, Ohio, 1979, as amended. Section 6. That the par value to be received from the sale of the Bonds and any premium or accrued interest resulting from the issuance and sale of the Note shall, to the extent necessary, be used only £or the retirement of the Note at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 7. That, during the period while the Note runs, there shall be and is hereby levied on all the taxable property in the Village, in additiori to all other taxes, a direct tax annually not less than that which would have been levied if the Bonds had been issued without the prior issuance of the Note. Said tax shall be and is hereby 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 year are certified, extended and collected. Said tax shall be placed before and in preference to all other items and £or the full