0957 Ordinance - Laserfiche WebLink

Home Browse Search

t part of said bonds; provided, however, that if said bonds are sold bearing a different rate of interest than hereinbefore specified, such bonds shall bear such rate of interest as may be provided for in the resolution of council approving the award thereof. Principal and interest shall be payable at the National City Bank of Cleveland, Ohio, North Olmsted Branch, in the City of North Olmsted, Ohio. Section 3. ror 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 dis- charge the said serial bonds at maturity, there shall be and is here- by levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run, in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same shall fall due, and also to provide a fund for the discharge 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 All of the Constitution. Provided, however, that in each year that the assessments anticipated by said bonds are payable and are ap- plicable to the payment of such interest and principal and are ap- propriated for such purpose, the amount of such tax shall be re- duced by the amount of the assessment so appropriated. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same 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 de- rived from said tax levies hereby required, shall be placed in a separate and distinct fund, which, together with the interest collected on the same shall be irrevocablgr pledged for the payment of principal and interest of said bonds when and as the same fall due. Section 4. The Clerk is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Cti~yahoga County, Ohio, according t o law.