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Sec. 3. Said bonds shall be designated "Paving and Water Main Bonds <br />of 1967", shall be signed by the Mayor and the Clerk-Treasurer, shall be sealed <br />with the corporate seal of said Village, and the interest coupons attached <br />thereto shall bear the facsimile signature of the Village Clerk-Treasurer and <br />shall be payable at the Main Office of the Central National Bank of Cleveland, <br />Cleveland, Ohio. <br />Sec. 4. That said bonds may be issued and sold at such rate of interest <br />other than that hereinabove specified as may be specified by this Council in <br />its resolution awarding the sale thereof. <br />Sec. 5. The proceeds of the sale of said bonds, except the premium <br />and accrued interest thereon and the portion sold to cover interest pending <br />the collection of assessments, shall be deposited to the credit of the Village <br />of Mayfield Paving Improvement Fund and Mayfield Water Main Improvement Fund <br />for the purpose of paying the aforesaid -anticipation note and the cost and <br />expenses of said improvements, for which said purpose said money is hereby <br />appropriated. <br />Sec. 6. The premium and accrued interest, if any, received for the <br />sale of said bonds and the proceeds of the portion of said bonds sold to cover <br />interest thereon pending collection of assessments shall be applied to the <br />payment of the principal and interest of said bonds in the manner provided <br />by law. <br />Sec. 7. All installments of said assessments and portion thereof, <br />together with interest thereon, shall be applied to the payment of said bonds <br />and interest as the same become due and for no other purpose whatsoever. <br />Sec. 8. For the purpose of providing the necessary funds to pay Yhe <br />interest on the foregoing issues of bonds promptly when and as the same falls <br />due and also to provide a fund sufficient to discharge the said serial bonds <br />at maturity, there shall be and is hereby levied on all the taxable property <br />in the Village of Mayfield, in addition to all other taxes, a direct tax <br />annually during the period said bonds are to run, in an amount sufficient to <br />provide funds to pay the interest upon said bonds as and when the same falls <br />due, and also to provide a fund for the discharge of the principal of said <br />serial bonds at maturity, which tax shall not be less than the interest and <br />sinking fund tax required by Section 11 of Article XII of the Constitution of <br />Ohio. Said tax shall be and is hereby ordered, computed, certified, levied <br />and extended upon the tax duplicate and collected by the same officers in <br />the same manner and at the same time that taxes for general purposes for <br />each of said years are certified, extended and collected. Said tax shall be <br />placed before and in preference to all other items and for the full amount <br />thereof, the funds derived from said tax levies hereby required shall be <br />placed in a separate fund, together with interest collected on the same, which <br />shall be irrevocably pledged for the payment of principal and interest of <br />said bonds when and as the same shall fall due, provided, however, that in <br />each year that the assessments anticipated by said bonds are payable and are <br />applicable to the payment of such interest and principal and are appropriated <br />for such purpose, the amount of such tax shall be reduced by the amount of <br />the assessment so appropriated.