1969 022 Ordinance - Laserfiche WebLink

Home Browse Search

L! h (2) $300.00 on December 1, 1970; $200.00 on December 1 in each of the years 1971 to 1979, both inclusive; Said bonds shall be dated April 1, 1969. In lieu of the printing of said ten bonds, a Temporary Manuscript Bond may be issued in the amount of $2,100.00 on like terms of payment of principal and interest. Section 3. Said bonds shall be designated "SOM Center Sidewalk 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 bands 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 Sidewalk 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 foreoging 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 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 mall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio. 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