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930 Ordinance
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930 Ordinance
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1/14/2014 2:27:42 PM
Creation date
1/2/2014 6:29:13 AM
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North Olmsted Legislation
Legislation Number
930
Legislation Date
12/26/1951
Year
1951
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and in preference to al1 other items and for the .f'ull amounE <br />thereaf. The £unds derived fram ssid tax leviss hereby required, <br />shall be p1aced irt a sepaz°??.te and distinct fuad, wkiich, t,ogether <br />w3.th the interest coilected on the same shall be irrevocably <br />pledged for the payTaent of principal and 3,nterest; of aaid borar?? <br />whers and as the same fa3.1 due. <br />Sectiora 4. The Clerk is hereby autborizea and dire+cted <br />to certify a copy of this ordinance to the Auditar of Cuyahoga <br />GcauntyiUh1o, aCCord ing to law, <br />Section 5. That a11 installments of ,?aid assessmen?s and <br />all portions thereof,together witia interest thereort, sliall be <br />applied tra the payment of said bonds and interest a? the same <br />shall become due and to no other purpa?e whatsosver. In the <br />event that the amounL of bonds required tFo be 3,s:::ued for said <br />improvemer?? ?hal1 be reduced by the cas:h payment "by the property <br />owners in accardance with the option i?cluded in t?.he assessing <br />urdinance, such reductian sha1.2 be acconpltshed by reducing a11 <br />of the seria1 bonds hereinabc+ve pravidled for so as to retain <br />substant3,ally equal annual matuurities. <br />Secti.an b. The Clerk i.s hereby directed to hav? said bands <br />and caupons praper1Y prepared and executed, ? se11 the same <br />and to deposit the proceeds in the City trweasury ta the cz•eciit of <br />the Galadland Avenue Water Improvemen? Pund for the purpose of <br />payin? the cast of said improvement not heretofore prc,vided tcr <br />be paid by ?ai? City and f4r which purpose saici money is heroby <br />apprcrpriated* <br />section 7. That said Barids shall be f#.rst c,ff"ereci at par <br />and accaru,ed interest to the Treasurer and Officer in charge of <br />the Sinking Ftmd and if said Treasurer or f}t'ficer refuses to <br />take any or a11 of said Bonds then 3aid Bonds not sa taken shall <br />be advertised for public sale and sold in the manner proyid.ed by <br />law but far not less than the par value arzd accrued interest.
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