1043 Ordinance - Laserfiche WebLink

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t (continued) Date of Mat urity N er AmGUnt October 1, 195$ 7 and ~ X2,000.00 October 1, 1959 9 and 10 2,000.00 October 1, 1960 11 1,000.00 October 1, 1961 12 and 13 2,000.00 October 1, 1962 14 and 15 2,000.00 October 1, 1963 16 1,000.00 October 1, 196 17 and 1~ 2,000.00 October 1, 1965 19 and 20 2,000.00 October 1, 1966 21 1,000.00 October 1, 1967 22 and 23 2,000.00 October I, 196$ 21+ and 25 2,000.00 Zt is hereby determined that the above maturities are in sub- stantially equal annual installments. For the payment of said principal and said interest coupons thereto attached, the full faith and credit of the City of North Olmsted, Ohio, is hereby irrevocably pledged. Section 2. For the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to di$- charge the said serial bonds at maturity, there shall be a~-d is hereby levied on all the taxable property in the City of North Olmsted, a direct tax annually during the period said bonds are to run, in an amount sufficient to provide funds to pay interest upon said bonds as and when the same falls due, and also to provide a fund for the dis- charge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article III of the Constitution. Said tax shall be and is hereby ordered computed, certified, levied ar~d extended upon the tax duplicate, and collected by the same officer in the same manner and at the game time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items, and for the full amount thereof. The funds derived from such tax levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same, shall be ir- revocably pledged for the payment of principal and interest of said bonds when and as the same fall due. The said bonds shall express upon their face the purpose for which they are issued, that they are issued in pursuance of this ordi- Hance and shall be signed by the Mayor and Auditor, and sealed with the corporate seal of said City. The interest coupons attached to said bonds shall bear the facsimile signature of the City Auditor. Said bonds shall bear such consecutive numbers as the City Auditory shall determine.