932 Ordinance - Laserfiche WebLink

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* Sai-d Bonds shall be o--"' the denorninations of ``1,1,OO0.00 e ich, PxcPr,t Bond No 5which shall he in the N.enomination of I rshall bear interest, at the r??t,e of three rer centiam ^er anrnzm, nayablP seir-q-annually on the -first dafs of !jnri-1 and Oetober of. each ZrPar and for which the nroper internst courons bearin:- a facsimile of the si?--na.t,zre of the G1erk s'.-pi.! be att hched to ana make a. part of said bonds; r,ro-: ided, however, that if said bonas are sold bearinr_? a different rate of ince.rest than hereinbefore s.necified, si,ch bonds shall bear sucr z°ate of interest as map be nrovided for in tre r2solution of council ar.;,rovin-, the award thereof. Principal and i-nterest shall be payable at the National City Bank, of Cleve]_and, Ohio, North Olznsted Branch, in the City of North Ultmsted, Ohio. Section 3. For the purnose of rrovidin,~ the necessary funda to pay the interest on the foref;oi_n-- issue or bonds r,rom-ptly when and as the same falls due, and also to rrovide a.E'und suffi- ci-ent ta disc?ZCrr;e the said seri.al bonds at, maturity, there shall be and is hereby levied on all ta.rable r.roperty in thA City of Nort,h Olmsted, in addition to a11 other taa:es, a direct tax annuallv durin-? tre ne.riod Caid bonds -?.re to run, in an amount sufficient to r,rovide funds to ray the in?erest unon said bonds as and r^rhen the same shall fall due, and also to rrovide a fund for the discn?:??rMe of the princi_pa?. of said serial bonds at matur. ity, which tax shall not be less than the interest and sinlcin,M fund ta.x reatiired by Section 11 of Article XTI of the Constitution. Provided, ho-rTever, that in each trear that the assessments anticipat?d by said bonds are payable and are aprlicahle to the na;rnent of such " i.nte.rest and rrincir,al and are apY,ropria.ted for such r,urpose, the amount of such tax shall be reduced by the amount of the assessment so an-proPriated. Said tax shall be and is re.r. eb7.T ordered com?uted, certified, levied and extezzded u-on the tax dur-,licate and collected bsr th. e sa.me officers, in the same manner a.nd at the same time that taxes for f?,eneral rurPoses for each cif saia years are certiTied, extencled and collected. Said tax shall be nlaced before and in r..reference