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0885 Ordinance
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0885 Ordinance
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Last modified
2/10/2014 10:54:58 AM
Creation date
2/5/2014 3:56:18 AM
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North Olmsted Legislation
Legislation Number
0885
Legislation Date
4/17/1951
Year
1951
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~W,.;. <br />Section f`or the purpose of pr©viding the necessary <br />funds to pap the interest ot~ the fore~goisg issue of bonds premptly <br />then ana as the same falls dud, and. also to provide a fund sufficient <br />to discharga the said serial bonds as maturityg t er+s shall a and is <br />her®by levied on all th® taxable property in th'e ill a of ~orth <br />O1~-sted, a direct tat atanually during the period said ~ionds are to run,, <br />in an amount sufficient to provide funds to pay interest upa~a said bonds <br />as and xhen the save falls due, and also to provide a fund far the <br />discharge of the princippal of said serial bonds at eaturity, xhich tax <br />shall not be less than the interest and sinking fund tag required by <br />Section 11 of article 7011 of the Constitution. <br />Section 4. Said tax shall be and is hereby ordeal caaputad., <br />certified, levied and exuded upon the tax dupplicate, an+d coilected <br />by the same of~ic~r in the sage manner and at the same tis$s that takes <br />for general urposes fear each of said years are certified, ~ctendod anal <br />collected. Said ta= s}~all tae placed More and in pr®fer®nae to all <br />other items, and for the full amount thereof. _The funds derived from <br />such taz levies hereby required shall be place in a separate end ds- <br />tinct fund, ~rhich tegetY~er with the interest collected on the same, <br />shall b8 irrevaca~ily pledg+~. for the payaertt of principal and interest <br />of said bonds when and as the ease fall due. <br />Section 5. The said bonds shall express ups Cheer face the <br />purpose for ehich they are issued that th+~y are issued. im pursuance of <br />this ordina~iQe and shall be sig. by the lL"syor and Clerk, sad sealed <br />with the corporate seal .of said village. The interest conppQnsattached <br />to said bonds shall bear the facsieile signature. of the pillage Clerk. <br />Said bonds shall bear such consecutive nuffibers as the village Clerk <br />shall determine. <br />Section 6. That said bonds shall be first offered at ar and <br />accrued interest to the Treasurer and Officer in charge of the Sinl~'.ng <br />Fund and if said Treaswrer and Officer refuses to take s or all. of <br />said bonds, then said bonds not so taken shall be advertised. for public <br />sale and sold in the manner provided by law, but not for less than <br />their par value and accrued interest; tY~ ban:d sale adverb sen~nt <br />shall state that a-n 0~ desiring to do so .may pres-t a bid or bids <br />for such bonds base on th+~ir ~taaring a differt rats of interest <br />than hereinb~afore fix, provided, however, that a fra~tiona3. <br />interest rate is bid, such fractien ,shall bra one-quart+~r of cn+~ p+r~r <br />cent or multiples thereof; the proceeds from the sale Uf said bonds, <br />$xcept the premium and accrued interest sha11 be used for the purpose <br />aforesaid and for no other purpose. <br />Section 7. The village Clerk is hereby directed to for~rard a <br />c~artified copy of this •f&inance to the Co luditor. <br />Section 8. This Ordinance is hereby deQlared to b>e an <br />emergency aaasure necessary for the public health, peace agd safety <br />and to provide imm~tdately for the raising of mc~xmay for the purchase of <br />motor vehicles necessary in the operation of the Municipal Sus ~ ire. <br />~.ssed~ i.pril 17th, 1951. <br />Attest: <br />-- <br />------_ . <br />..,... <br />.~. .Christman, f=l+erk ~ ~ ~0 <br />~s '~ G~. <br />~~~ ~ <br />lar iatt, Y yor <br />... <br /> <br />
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