1964 871 Ordinance - Laserfiche WebLink

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5? Sec, 2+ Said bonds shall be numbered 1 to 27, inclusive, and shall bear interest at the rate of 3-1/27o per annum, payable semi-annually,on the lst days of June and December of each year, beginning June lst, 1965, shall be of the denomination of $1*000,00 each, and shall mature as follows, which maturities are hereby detezmined to be substantially in equal annual installmettts, to-witt $2,000.00 on December 1, in each of the years 1966 to 1972, both inclusive, $1,000.00 on December 1, in each of the years 1973 to 1985, both inclusive. W Said bonds shall be dated February 1, 1965. Sec, 3. Said bonds shall be designated "Sanitary Sewer Improvement Bonds of 1965". shall be signed by the Mayor and the Clerk, shall be sealed with the corporate seal of said Village, and the interest coupons attached thereto shall bear the facsi.mile signature of the Village Clerk and shall be payable at the Main Office of the Central National Bank of Cleveland, Cleveland, Ohio. Sec. 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. Sec. 5. The proceeds of the sale of said bonds, except the pr-emium and accrued interest thereon and the portion sold to cover interest pending the collection of assessments, shall be deposited to the credit of the Village of Mayfield Sanitary Sewer Improvement Fund for the purpose of paying the aforesaid anticipation note_and the cost and expenses of said improvements, for which said purpose said mottey is hereby appropriated. Sec. 6. The premium and acerued 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 collection of assessments shall be applied to the payment of the principal and interest of said bonds in the manner provided by law. Sec. 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, Sec. S. For the purpose of providing tha 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 as and when the same falls due, and also to provide a fund for the discharge of the principal of said