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<br />Section 2. Said bonds shall. be issued in the principal amount of
<br />$410,000 for the purpose aforesaid. The said bonds shall be dated March l,
<br />1972, shall be issued in the denomination of $5000 each, sha1.l be numbered
<br />from 1 to 82, both inclusive, and shall bear interest at the rate of five
<br />per centtun (5%) per annum, payable semi-annually an the first day of June
<br />and the first day of Decenber of each year, beginning June,l, 1972, until
<br />the principal sum is paid, as evidenced by the coupons attached -Lhereto;
<br />provided, however, that if the bonds are sold bearin; a different rate of
<br />interest than herein specified, such bonds sha1l bear such rate of interest
<br />as may be provided in the resolution of Council approving the award thereoi.
<br />Such bonds shall mature in their consecutive se-rial order as follows:$20,000
<br />on December 1 in each of the years irom 1973 to 1992, inclusive, except that
<br />$25,000 shall mature on December 1 in the years 1982 and 1992, which matuxi-
<br />ties are hereby determined to be in substantially equal annual installments.
<br />Section 3. Said bonds shall be executed by the bSayor and Director
<br />of Finance and shall bear the corpoxate seal of said City. Interest coupons
<br />' attached to said bonds shall bear the fa.csimile signature of the Director of
<br />Finance printed or lithographed thereon. 'I`hey shall be payable in lawful
<br />money of the United States of Ainerica at the office of The National City
<br />Bank of Cleveland, Cleveland, Ohio.
<br />Se,ction 4. For thp purpose of providing the necessal-j funds to
<br />pay the interest on the foregoing issue of bonds promptly when a,nd as the
<br />same fa11s due, and also to provide a fund suffi-cient to discharge the said
<br />serial bonds at maturity, there shall be and is hereby levied on a11 taxable
<br />property in the City of Idorth Olmsted, in addition to a11 other taxes, a
<br />direct tax annually during the period said bonds a,re to run in an amount
<br />sufficient -to provide funds to pay the interest upon said bonds as and when
<br />the same falls due, and also to provide a fund for the discharge of the
<br />principal of said serial bonds at maturity, tiahich tax shall not be less than
<br />the interest and sinking fund tax required by Section 11 of Artic].e YJI of
<br />the Constitution of Ohio. Provided, however, that in each year that the
<br />assessments anticipated by said bonds are available for the payment of such
<br />bonds and are appropriated for such purpose, the amount of such tax shall be
<br />reduced by the amount of the assessments so appropriated.
<br />Section 5. Said tax shall be and is hereby ordered computed, certi-
<br />fied., levied and extended upon the tax duplicate and collected by the same
<br />officers, in the same manner and a,t the same time that taxes for general pur-
<br />poses for each of said years are certified, extended and collected. Said tax
<br />shall be placed before and in preference to all other items and for the iull
<br />amount thereof. The funds derived from said tax 1.evy hereby renuired sha7.1.
<br />be placed in a separate and distinct flxnd, which, together with the interest
<br />callected on the same shall be irrevocably plecl;ed for the payment of the
<br />principal and interest on said bonds when and as.,the same fa11. due.
<br />Section 6. That all installments of said assessments and a1l por-
<br />tions thereof, together with interest thereon, shall be applied to the pay-
<br />ment of said bonds and interest as the same shall become due and for no other
<br />purpose whatsoever.
<br />Section 7. Said bonds shall be first offered at par and accrued
<br />interest to the officer in charge of the Bond Retirement Fund in his ofiicial
<br />capacity, and if said officer refu.ses to take any or all of said bonds, then
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