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r.. ? ? - W7 <br />Section 3. Said bonds shall be executed by the Mayor and Director of <br />Finance and shall bear the corporate seal of said City. Interest coupons attached <br />to said bonds shall bear the facsimile signature of the Director of Finance printed <br />or lithographed thereon. They shall be payable in lawfzl money of the United <br />States of America at the office of The National City Bank of Cleveland, Clevela,nd, <br />Ohio. <br />Section 4. For the pu.rpose of providing the necessary funds to pay the <br />interest on the foregoing issue of bonds promptly when and as the same falls due, <br />and also to provide a fund suffic3.ent to discharge the said serial bonds at <br />maturity, there shall be and is hereby levied on ill taxable property in the City <br />of North Olmsted, in addition to all other taxes, a direct tax annus,lly during the <br />period said bonds are to run in a,n amount sufficient to provide funds to pa,y the <br />interest upon said bonds as and when the same fall due, and also to provide a fund <br />for the discharge of the principal of said serial bonds at maturity, which tax <br />shall not be less than the interest and sinking fund tax required by Section 11 <br />of Article XIT of the Constitution of Ohio. Provided, however, that in each year <br />that the assessments anticipated by said bonds are available for the payment of such <br />bonds and are appropriated for such purpose, the amount of such tax shall be re- <br />duced by the amount of the assessments so appropriated. <br />Section 5. Said taac shall be and is hereby ordered computed, certified, <br />levied and extended upon the tax duplicate and collected by the same officers, <br />in the same manner and at the same time that taxes for general purposes for each <br />of said years axe certified, extended and collected. Said tax shall be placed <br />before and in preference to all other items and for the f'ull amount thereof. The <br />funds derived from said tax levy hereby required shall be placed in a sepa,ra,te <br />and distinct ftiznd, which, together with the interest collected on the same shall <br />be irrevocably pledged for the payment of principal and interest on said bonds <br />when and as the same fall due. <br />Section 6. That all installments of said assessments and all portions <br />thereof, together with interest thereon, shall be applied to the payment of said <br />bonds and interest as the same shaL1, become due and for no other purpose what- <br />soever. <br />Section 7. Said bonds shall be first offered at par and accrued interest to <br />the offieer in charge of the Bond Retirement FSand in his official capacity, and <br />if said officer refuses to take any or all of said bonds, then said bonds not so <br />taken sha11 be advertised for public sale and sold in the manner provided by la,w. <br />The proceeds from the sale of said bonds, except the premium, aecrued interest <br />thereon and capitalized interest, sha,ll be used for the purpose aforesaid and for <br />no other purpose and be allocated to the improvement herein described. <br />The premium, accrued and capitalized interest received from such sale shall <br />be transferred to the Bond Retirement Fund to be applied to the payment of the <br />principal and interest of said bonds, in the ma,nner provided by law. <br />Section 8. The Clerk of Cauncil is hereby authorized and directed to certify <br />a copy of this ordinance to the Auditor of Cu.yahoga County, Ohio, according to <br />1aw. <br />- 2 -