1968 1067 Ordinance - Laserfiche WebLink

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L ~ S, (2) shall be in the amount of $700.00), and shall mature as follows, which maturities are hereby determined to be substantially in equal installments, to-wit: $1,700.00 on December 1, 1969. $1,000.00 on December 1 in each of the years 1970 to 1973, both inclusive. $2,000.00 on December l~in each of the years 1974 to 1959, both inclusive. Said bonds shall be dated August 1, 1968. Section 3. Said bonds shall be designated "paving and sidewalk bonds of 1968," shall be signed. by the Mayor and the Clerk-Treasurer; shall be sealed caith the corporate seal of said Village, and the interest coupons attached thereto shall bear the facsimile signature of the Village Clerk- Treasurer; and shall be payable at the main office of the Central National Bank of Cleveland, Cleveland, Ohio. Section 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. Section 5. The proceeds of the sale of said bonds, except the premium and accrued interest thereon and the portion sold to cover investment pending the collection of assessments, shall be deposited to the credit of the Village of Mayfield Paving Improvement Fund and Mayfield Sidewalk Improve- ment Fund, for the purpose of paying the aforesaid anticipation note and the cost and expenses of said improvements, for which said purpose said money is hereby appropriated. Section 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 the collection of assessments shall be applied to the payment of the principal and interest of said bonds in the manner provided by law. Section 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. Section 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_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