0932 Ordinance - Laserfiche WebLink

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Said Bonds shall be of the denominations of X1,000.00 each, except Bond No. 5 which shall be in the denomination of X1,3$5.00; shall. bear interest at the rate of three per centum per annum, payable semi-annually on the first days of .April and October o.f each year and for which the proper interest coupons bearing; a facsimile of the signature of the Clerk shall be attached to and make a part of said bonds; provided, however, that if said bonds are sold. bearins~ a different rate of interest than hereinbeforP specified, such bonds shall bear such rate of interest as may be provided for in the resolution of council approvin,~r the award thereof. Principal and interest shall be payable at the National City Bank, of Cleveland, Ohio, North Olmsted f3raneh, in the City of North Olmsted, Ohio. Section 3. 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 suffi- cient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all_ taxable property in the city of North Olmsted, in addition to all other taxes, s. direct tax annually during the period said bonds =-re to r4n, 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. ta_x required by Section 11. of Article XII of the Constitution.. Provided, however, that in each year that the assessments anticipated by said bonds are payable and are aprlicable to the ~aayment of such interest and principal and ~.re appropriated for si~.ch pt?rrn5~, ~.hp amount of such tax shale be reduced by the amount of the assessment so appropriated. Said tax shall be and is hereby ordered compu'~ed, certified, levied and extended uron 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 ,::,o _. ~ _ ,. ..