1974 047 Ordinance - Laserfiche WebLink

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` interest to date of delivery and at a rate of interest offered by the purchaser thereof but not in excess of the rate o£ interest specified in Section 3 of this Ordinance. Section 5. The proceeds £rom the sale of such notes shall be paid into the proper fund and shall be eacpended for the purpose for which said notes are issued; provided, however, that the premium and accrued intexest, if any, shall be placed to the credit of the bond retirement fund to be applied to the payment of the principal and interest of said notes as provided by law. Section 6. Said notes shall be the full general obligations of the Village of Mayfield, Ohio, and the £ull faith, credit and revenue of said Village are hereby pledged for the prompt payment of the principal and interest of said notes when and as the same fall due. Section 7. The par value received from the sale of the bonds anticipated by said notes and any unexpended balance remaining in the improvement fund after the improvement has been completed shall, to the extent necessary, be used only for the retirement of said notes at maturity, and for the payment o£ the interest thereon, and such monies are hereby pledged for that purpose. Section 8. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general ad valorem tax shall be levied against all of the taxable property in the Village for the payment of said notes and interest thereon; provided, that during the year while such notes run there shall be levied on all the taxable property in said Village in addition to other taxes, a direct tax annually not less than that which would have been levied for the Village's portion of said note if bonds had been issued therefor without the prior issue of said note or notes. Said tax is hereby ordered computed, certified, levied and expended 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 said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the £ull amount thereof. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they are issued when and as the same £alls due. Section 9. The Clerk o£ Council is hereby authorized and directed to certify a copy of this ordinance to the County Auditor. Section 10. This ordinance is hereby declared to be an emergency measure, necessary for the preservation of the public peace, health and safety, and for the further reason that it is necessary to provide funds for the payment of the instal- lation of an eight-inch water main, hydrants and appurtenances thereto on Echo Drive, wherefore, this ordinance shall take effect and be in force immediately upon its passage. Passed this 16th day of September, ATTEST: ^ V V `? (Se 1) Clerk-Treasurer / -Z- 19)KOR 4-PRFESIDENT OF COUNCIL