|
Ord. N 70-89
<br />? - 2 -
<br />Assessment City's
<br />Improvement Portion Portion
<br />Improving Southern Avenue, Decker Road and Midvale $ 67,895 $79,800
<br />Avenue by grading, draining, curbing, paving, con-
<br />structing sidewalks, and installing sanitary sewer,
<br />storm sewer and water curb connections between the
<br />termini and in the manner provided by Resolution
<br />No. 68-317, adopted August 13, 1968.
<br />Total $519,200 $79,800
<br />Section 2. Said bonds shall be issued in the principal amount of $599,000
<br />for the purpose aforesaid. The said bonds shall be dated July 1, 1970, shall be
<br />issued in the denomination of $5000 each, except Bond #1 of the denomination of
<br />$4000, shall be numbered from 1 to 120, both inclusive, and shall bear interest
<br />cw; at the rate of seven per centum (7%) per annum, payable semi-annually on the first
<br />day of June and the first day of December of each year, beginning June 1, 1971,
<br />until the principal sum is paid, as evidenced by the coupons attached thereto; pro-
<br />•vided, however, that if the bonds are sold bearing a different rate of interest than
<br />herein specified, such bonds shall bear such rate of interest as may be provided in
<br />the resolution of Council approving the award thereof. Such bonds shall mature in
<br />their consecutive serial order as follows: $29,000 on December 1, 1971, and $30,000
<br />on December 1 in each of the years from 1972 to 1990, inclusive; which maturities
<br />are hereby determined to be in subptantially equal annual installments.
<br />Section 3. Said bonds shall be executed by the Mayor and Director of Finance
<br />and shall bear the corporate seal of said City. Interest coupons attached to said
<br />bonds shall bear the facsimile signature of the Director of Finance printed or
<br />lithographed thereon. They shall be payable in lawful money of the United States
<br />of America at the office of The National City Bank of Cleveland, Cleveland, Ohio.
<br />Section 4. For the purpose of providing the necessary funds to pay the in-
<br />terest on the-foregoing issue of bonds promptly when and as the same falls due,
<br />and also to provide a fund sufficient to discharge the said serial bonds at
<br />maturity, there shall be and is hereby levied on all taxable prooerty in the City
<br />of North Olmsted, in addition to all other taxes, a direct tax annually during the
<br />period said bonds are to run in an amount sufficient to provide funds to pay the
<br />interest upon said bonds as and when the same fall due, and also to provide a
<br />fund for the discharge of the principal of said serial bonds at maturity, which
<br />tax shall not be less than the interest and sinking fund tax required by Section
<br />11 of Article XII of the Constitution of Ohio. Provided, however, that in each
<br />year that the assessments anticipated by said bonds are available for the payment
<br />of such bonds and are appropriated for such purpose, the amount of such tax shall
<br />be reduced by the amount of the assessments so appropriated.
<br />Section 5. Said tax shall be and is hereby ordered computed, certified,
<br />levied and extended upon the tax duplicate and collected by the same officers,
<br />in the same manner and at the same time that taxes for general purposes for each
<br />af said years are certified, extended and collected. Said tax shall be placed
<br />before and in preference to all other items and for the full amount thereof. The
<br />funds derived from said tax levy hereby required shall be placed in a separate
<br />and distinct fund, which, together with the interest collected on the same shall
<br />be irrevocably pledged for the payment of the principal and interest on said bonds
<br />when and as the same fall due.
<br />Section 6. That all installments of said assessments and all portions thereof,
<br />together with interest thereon, shall be applied to the payment of said bonds and
<br />Cinterest as the same shall become due and for no other purpose whatsoever.
<br />Section 7. Said bonds shall be first offered at par and accrued interest to
<br />the officer in charge of the Bond Retirement Fund in his official capacity, and
|