0928 Ordinance - Laserfiche WebLink

Home Browse Search

said bonds shall be of the de~ination of $]., ~. E3t1 each, ezcept Bond No. 26 xhich shall be in the denomination of ~i,1~OO.E'~; aha7.1 bear interest at the rate of three per centbm per aan~, pay- able Beni-annea].1,y on the first days of April and October of sash year sad for ~thich the proper interest coupons bearing a facsiffile of the signature of the Clerk shall be attached to amd made a peat of said bonds; provided, haxever, that if said bonds are sold bearing a dif"Perent rate of interest than hereinbefore specified, such bonds shall bear such rate of interest as-may be provided for in the reso- lution of council approving the at-ard thereof. Principal and interest sha11 be payable at the National City Bank of Clevelat~d~ Ohio, North Orated Branch, in the City of North Olmsted, Elio. Section 3. ~br the purpose of providing the accessary finds to pay the interest on the foregoing is8ue of bonds promptly then as as the earns falls due, and also to provide a fwnd sufficient to dis- charge the said serial bonds at maturity, there shall be and is hpxoby levied on all taxable property in the City of North Olmsted, in addition to all other taxes, a direct 'tax annually during the period Bald bonds are to run, in an amount sufficient to provide funds to pay the interest upon said bonds as and ~rhen the same shall fall due, and also to provide a f'e~nd for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinki.ag find tax required by Faction 11 of Article ZII of the Con- stitution. Provided, however, that in each year that the assessments anticipated by said bonds are payable and are applicable to the pay- ment of such interest and principal and are appropriated for such pur- pose, the amount of such tax shall be reduced by the amount of the aseeaseaaent so appropriated. Said tax shall be and is hereby ordered ccenputed, certified, levied and eztended upon the tax duplicate sad collected by the saaaa officers, in the same meuQUer and at the sews time that taxes for general purposes for each of said years axe certified, ext ,sad. collected. Said tax shall be placed befar~e and in preference to all other items and for the f'u17. anpunt thereof. 3'he f'ands derived fran said.taz levies hereby required, shall be placed in a sapa~rate and