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a' <br />CITY OF NORTH OLMSTED -2- Ordinance No ?? <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 <br />attached to said bonds shall bear the facsimile signature of the Director <br />of Finance printed or lithographed thereon. They shall be payable in lawful <br />money of the United States of America at the office of The National City Bank <br />of Cleveland, Cleveland, Ohio. <br />Section 4. For the purpose of providing the necessary funds to pay the <br />interest on the foregoing issue 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 taxable property in <br />the City of North Olmsted, in addition to all other taxes, a direct tax annu- <br />ally during the period said bonds are to run in an amount sufficient to pro- <br />vide funds to pay the interest upon said bonds as and when the same fall due, <br />and also to provide a fund for the discharge of the principal of said serial <br />bonds at maturity, which tax shall not be less than the interest and sinking <br />fund tax required by Section 11 of Article XII of the Constitution of Ohio, <br />provided, however, that in each year that the assessments anticipated by said <br />bonds are available for the payment of such bonds and are appropriated for such <br />purpose, the amount of such tax shall be reduced by the amount of the assessments <br />so appropriated. <br />Section 5. Said tax 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 <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 levy hereby required shall be placed <br />in a separate and distinct fund, which, together with the interest collected <br />on the same shall be irrevocably pledged for the payment of principal and <br />interest on said bonds 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 <br />said bonds and interest as the same shall become due and for no other purpose <br />whatsoever. <br />Section 7. Said bonds shall be first offered at par and accrued interest <br />to the officer in charge of the Bond Retirement Fund in his official capacity, <br />and if said officer refuses to take any or all of said bonds, then said bonds <br />not so taken shall be advertised for public sale and sold in the manner provided <br />by law. The proceeds from the sale of said bonds, except the premium, accrued <br />interest thereon and capitalized interest, shall be used for the purpose afore- <br />said and for 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 manner provided by law. <br />Section 8. The Clerk of Council is hereby authorized and directed to <br />certify a copy of this ordinance to the Auditor of Cuyahoga County, Ohio, <br />according to law.