0905 Ordinance - Laserfiche WebLink

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and in preference to all other items and for the thereof. `t`he funds derived from said tax levies shall be placed in a separate and distinct fund, with the interest collected on the same shall be pledged for the payment of principal and interes when and as the same fall due. full amount hereby required, which, together irrevocably t of said bonds Section ~.. 't'he Clerk is hereby authorized and directed to certify a copy of this ordinance to the auditor of Cuyahoga County, Ohio, according to law. Section 5. 't'hat all installments of said assessments and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as the same shall become due and to no other purpose whatsoever. In the event that the amount of bonds required to be issued for said improvement shall be reduced by the cash payment by the property owners in accordance with the option included in the assessing ordinance, such reduction shall be accomplished by reducing all of the serial bonds hereinabove provided for so as to retain substantially equal annual maturities. Section 6. `T`he Clerk is hereby directed to have said bonds and coupons properly prepared and executed, to sell the same and t o deposit the proceeds in the Village treasury to the credit of the llover Center Koad tivater Improvement r'und for the purpose of paying the cost of said improvement not heretofore provided t o be paid by said Village and for vhich purpose said money is hereby appropriated. Section 7. 't'hat said Bonds shall be first offered at par and accrued interest to the 't'reasurer and Officer in charge of the Sinking r'und~ and if said 'T'reasurer or officer refuses to take any or all of said Bonds then said Bonds not so taken shall be advertised for public sale and sold in the manner provided by law but for not less than the par value and accrued interest.