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0928 Ordinance
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0928 Ordinance
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Last modified
2/10/2014 10:54:52 AM
Creation date
2/4/2014 7:53:00 AM
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North Olmsted Legislation
Legislation Number
0928
Legislation Date
12/26/1951
Year
1951
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distinct fund, xhicah, together xith the interest collected on the <br />same shall be irrevocably pledged for the payment of principal <br />and interest of said bonds xhen and as the same fall due. <br />Section ~. The Clerrk is hereby authorized and directed to <br />certify a copy of this ordinance to the Auditor of Cuyahoga County, <br />fhio, according to lax. <br />Section 5. That all installments of said assess®ents eel <br />alI portions thereof, together xith intea~est thereon, shall be <br />applied to the payment of said bonds and interest as the same <br />shall became due cad to no other purpose xhatsoaver. In the <br />avant that the amount of bonds required to be issued for said <br />improvement steal.]. be reduced by the cash. payment by the property <br />oxners in acca~rdance xith the option included in the assessing <br />ordinance, such reduction steall be a~ccamplished by reducing a11. <br />of the serial bonds her e3.nabove provided for so as to retain <br />substantially equal annual ~aaturities. <br />Section 6. The Clerk is hereby directed to have said <br />bonds and coupons properly prepared and azacuted, to sell the <br />same, and to deposit the proceeds in the City treasury to the <br />dredit of the Ms~enzie Road Ti~atar Improvement not heretofore <br />provided to ba paid by said City and for xhich purpose said <br />money is hereby appropriated. <br />Section 7. T1~at said Bonds shall be first offered at par <br />and accrued interest to th® Treasurer and Officer in ctearge of <br />the Sinking lam. and if said Treasurer or f7fficer refuses to <br />take any or all of said Bonds then said Bonds not so taken shall <br />ba advertised for public sale and sold in the wanner provided by <br />lax but for not lass than the par value and accrued ingest. <br />Section 8. That this ordinance is hereby declare to be an <br />ema~rgancy measure, the eaergency being that it is necessary for <br />the immediate preservation of public health, peace, safety and <br />xelfare that this ordinance ba passed at once, and shall take affect <br />,. kt~.~v.rMYpV/'~~!MY':.. .. i ~~ i:.rw.gln .:nom:.: ~.~ .r .n,., . <br />
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