Laserfiche WebLink
Sec. 6. All assessments collected for the improvements aforesaid and <br />unexpended balances remaining in the futtds after the costs and expenses of said <br />improvements have been paid, shall be applied to the payment of said note and <br />the interest thereon until both are fully provided for. <br />Sec. 7. Said note shall be first offered to the Clerk-Treasurer as officer <br />in charge of the Bond Retirement Fund, and so much of the same as shall not be <br />taken by said fund shall be sold at private sale by the Clerk-Treasurer for not <br />less than par and accrued interest, and the proceeds from such sale, except any <br />premium and accrued interest thereon ( and the amount thereof necessary for the <br />payment of interest prior to the maturity o£ said note), shall be paid into the <br />proper fund and used for the purpose aforesaid and for no other purpase, and <br />for which purpose said money is hereby appropriated. Any premium and accrued <br />interest ( and the amount necessary for the payment of interest prior to their <br />maturity) shall be trattsferred to the Bond Retirement Fund to be applied in the <br />payment of principal and interest of said note in the manner provided by law. <br />Sec. B. Said note shall be the full general obligation of the Village and <br />the full faith, credit and revenue of said Village are hereby pledged for the <br />prompt payment of the same. The par value to be received from the sale of the <br />bonds anticipated by said note and any excess Eund resulting from the issuance <br />of said note shall, to the extent necessary, be used only for the retirement of <br />said note at maturiLy, together with interest thereon, and is hereby pledged for <br />such purpose. <br />Sec. 9. In the event that such assessments are not levied or bonds are <br />not issued to provide a fund for the payment of said note at maturity, a general <br />tax shall be levied against all of the property in said Village for the payment <br />of such note attd the interest thereon. <br />Sec. 10. The Village Clerk-Treasurer is hereby directed to foxward a <br />certified copy of this ordinance to the County Auditor. <br />Sec. 11, This Ordinance is hereby determined to be an emergency measure, <br />necessary for the immediate preservation of the public peace, health, and safety, <br />of such Village by reason of the fact that it is necessary to complete said <br />improvement durittg the present season, and said ordinance shall go into immediate <br />effect upon its passage. <br />Passed this 16th day of October, 1967. <br />Attest: . Mayor - President offCouncil <br />?4??? J <br />(Seal--? )?,? / Clerk-Treasu er