1969 005 Ordinance - Laserfiche WebLink

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(Z) /o/ $800.00),and shall mature as follows, which maturities are hereby determined to be substantially in equal installments, to-wit: $1,800.00 on December 1, 1970; $1,000.00 on December 1, n•each of the years 1971 to 1973, both inclusive; $2,000.00 on December 1, in each of the years 1974 to 1979, both inclusive. Said bonds shall be dated February 1, 1969. Section 3. Said bonds shall be designated "paving bonds of 1969,"shall be signed by the Mayor and the Clerk-Treasurer; 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-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 in- terest 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, 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 sufficinet 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 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 sin~ing fund tax required by Section 11 of Article XII of the Constitution of Ohio. Said tax Mall 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 of said years are certified, extended and collected. Said tax~all be placed before and