2884 Ordinance - Laserfiche WebLink

Home Browse Search

,- interest than herein before specified, auch bond shall bear such rate af interest as ma.g be provided for in the resolutioa of Council approving the award t,hereof. Said Bonds shall mature as follows: Date of Maturity Numbers Aaouzzt December 1y 1960 1 to b 1TiCl11S7.P@ ? 6:850.00 Deaamber 10 1961 7 to 13 n 7,000.40 December Is 1962 14 to 20 t? 7.,400.00 December l, 1963 21 to 27 tt 7sOfl0.00 Aecember 1, 1964 28 to 34 7,OOO«p0 December 1, 1965 35 to 41 tt 7,000,00 DeQember 1p 1966 42 to 48 " 7.,000l00 December i, 1967 49 to 55 " 7,000.00 Dseember 1, 196$ 56 to 62 r' 7,OO0.U0 Decamber 11 1969 63 to 69 tt 7,000.00 which maturities are hereby determined to be in substantially equal annual installments. The principal and intersst shall be payable at The PIational City Bank of Clevelancl of North O7msted branch in the C3.ty of North OZmsted. Soction 3. That s*id bonds shall express upon theix face the purpose far which tr.ey are issusd, that they are issued in pursu,ance of this ordiname and shall be signed by the R2ay-or and Auditor and sealed wath the corporate seal of said City. The interest coupons attached to said bonds shall bear a facsimzle of the signature of the Auditor and shall be attached to and made a part of said bonds. Section 4. That for the purpose of providing the necessary funds to pay the interegt on the foregoing issue of bonds prompt],y, when and as the same fall due., and also to provide afund sufficisnt -to discharge said bonds at maturity,, there shall be and is hereby levied on the taxable praparty in the City of North 03msted, a direct tax annual.ly during t,he period said bonds are to run in an amount suffieient to provide funds to pag interest upon said bonds as aiad when the ssi+?e fa1l due, and also to provide a fund for the discharge of the prineipal of said bonds at maturity, whiah tax shall not be less than fi,he anterest and s'nking fund tax required by Section 11 of Articl.e XIr of the Constitution of fhio. Provided, however, that a.n esch yeaz° that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reducec3 by the amount of the assessment so apprapriated. Said tax shal7. be and is hereby ordered computed., certifisds levied and extended upon the tax duplieate arxl colleeted by the same offieers., in the same manner and at tha same tirae that taxes for general piarpogas for sach of said years are certified, extended ard collected. Said tax shall be placed before and in preferenca to a11 other items and for the ful], amount thereof. The funds derivsd from said tax levies hereby required shal.l be placed in a separate and distinct fund., which together with all intarest colleeted on the sames shall be irrevocably pledged for the payment of the interest and principal of said bords when and as the same fa11 due. Section 5. That said bonds shall be fasst offered at par axLd accrued interest to the trustee of the Bond Retirement Fur?ci and if said trustees refuse to take any or all of said bonds., then said bonds not so taken shall be advertised for public sale and sold in the manner provided by Zax under the direeticn of the Auditors but not for less than thei-x' par va1-ue and accrued intsrest; the bond sale advertisenaent shall stats that aryone desiring to do so may present a bid or bids for such bonds based upon their bearing a different rate of interest than hereiA- before fiarads provided, however, that where a fractional interest rate is bi.ds such fraction shall ba one quarter of ons per cents or multiple thareof; the amount of the bond or certified chQCk to accompan;y bids shall be $700.00; the procesds from the sale of said bonds, except f.he premi.um and aacrued interest thereon and the amunt of said bonds issued far irrterests sha71 be used for the purpose aforesaid and for no other purpase; the premiun and aecrued interest received from such sa1.e and the amount of said bonds issv.c3d for intereat shall be transferred to the Bond Retiremsnt Fund to be applied 3.n the paymnt af the principal and interest of said bonds in the manner provided by law. 2.