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930 Ordinance
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930 Ordinance
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1/14/2014 2:27:42 PM
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North Olmsted Legislation
Legislation Number
930
Legislation Date
12/26/1951
Year
1951
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: aid b+ands Aha3.l be of the denomiration of $200004 <br />each, except Bvnd No. 1 athich shall be 3,n the denorAinat?on of <br />4-230,00; shal1 bear interest at the rate of three per centum <br />per annum, payable semi-annually on the first days of April <br />and October a,£ each year ana x"c,r which the praper irater?st <br />cvupons bearing a??sintile of tthe sign?tu; e of the Clerk shall <br />be att4ched to and made a part of said bonds; pravidled, ha?wever, <br />that if said bonds are sold bearirzg a d3.ffearent rate of interest <br />tnari hereiniaeFor$ specified? such bvnds sha1l bear such r+??? of <br />interest as may be provided for in the resolution of council <br />approvin,g the award thereof, i rfnctipal artd interest shall be <br />payable at the haticanal City Bank of Clevela,rxd, Ohio, N4rth <br />U l,?sted Branch, in the City of North O3mstec? ? OhiQ. <br />Seetian 3. Far the x..urpose of providing the necessary <br />£'un?s to psy the intereat an the fc+regoirtg issue of b€ands prtmgtly <br />when and as the same`ra1.1s duei an?d also ta pravide a fund suf£i- <br />c3.ent tn diseharge the 3aid seria,l bonds at. matua^ity, t'riere shall <br />be a?d is hereby 1evied an a11 taxable ?.?raperty in the City of <br />North C311msted, in addiLion to all other taices, a direct tax annually <br />dur3.nZ t:ne pera,od said bonds are t4 run, in an amounit sufficient ta <br />provide f"unds to pay the interest ufon saf,d band? ?u and when the <br />same shall fa'l1 duet and alsc? ?o provide afund for the dischsrgs <br />of the princl.pal of saia serial bonds at maturiLy, wiiich tac a?ha3.1 <br />not be 1ess t??an the interest and sinking fund required by <br />Section 11 of Articlo XIZ of the Constitution* Previded, however: <br />tbe,t in each y+aar that the aesessments antieipated by saiu bonds <br />are payable and axe app11ce:blo to the paymornt of such interest and <br />principal aad arq,,apprvpriat.ed1or such purpe?se, tha 4mount ot <br />such taac shall b+a teduced by the a,c?unt of the assemsraent sv <br />appropriated. <br />Said tax sha,ll be anti is Ziex'eby crrdered cc?mputeti, certi- <br />fied, :Levied anri extendeci u;. on Lhe tax dul;13.cste and collected <br />by the s"e cat`.ficers, 3n the same manxier and at the sa:rne tf.me <br />that taxes for general purposed fc+r eac? ?f sa3.d years are certi- <br />f3.ed,, extenraed and ccallected. ' Said tax sia.all be placed before
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