1965 876 Ordinance - Laserfiche WebLink

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55 ishall bear the facsimileesignature of the Clerk. I Sec. 4. That for the purpose of proIIiding the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same ? falls due, and also to provide a fund sufficient to discharge the said bonds at maturity, there shall be and is hereby levied on all the taxable property in said Village of Piayfield, 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 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 be not less than the interest and sinking ? fund tax required by Article XII, Section 11, of the Constitution of Ohio, and shall Ue outside of the limitations of Section 2 of said Article. i Sec. 5. Said tax shall be and is hereby ordered computed, certified, levied and e;ctended 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 full amount i thereof. The funds derived from said tax levies hereby required shall be i placed in a separate and distinct fund, which together with all interest collected on the same, shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall due. i Sec. 6. That said bonds shall be first oP£ered at par and aYCrued I interest to the officer in charge of said fund, and if said officer refuses to take any or all of the bonds, the bonds not so taken shall be advertised j for public sale and sold in the manner provided by law. The proceeds from I the sale of said bonds, except the premium and accrued interest bhereon, shall be used for the purpose aforesaid and for no other purpose; the premium ? and accrued interest received from said sale shall be transferred to the i Bond Retirement Fund to be applied to the payment of the principal and interest ? of said bonds in the mattner provided by law. i i Sec. 7. It is hereby determined that all acts, conditions and thittgs ? necessary to be done precedent to and in the issuing of these bottds in order to make them legal, valid and binding obligations of said Village have happened, been done and performed in regular and due form as required by law; that the faith, credit and revenue of said Village are hereby irrevocably pledge8 Por the prompt payment of the principal and interest thereon at ? maturity; and that no limitation of indebtedness or taxation, either statutory ' or constitutional, has been exceeded in issuing these bonds. Sec. 8. The is hereby directed to forward a certified copy ! of this ordinance.to the County Auditor;