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~ ~-:~~ 9 <br />.Section 3. Said bonds shall be executed by the Mayor and Director of Fin~euace, <br />one of whose signatures me~y be a facsimile, a~ shall bear the c~r~rratea seal of said <br />City. I>aterest cc~upoas attached to said boa~cls shall bear the facsimile signature of <br />the Director of Finance printed or lithographed thereon. They shall be designated <br />"Sewer Iaeproveapent Assessaaest Be-a~ds" and shall be payeble in iawf'ul ~wsey of the <br />United States of America at the main office of The Rational City Rank Qf Cleveland, <br />Cleveland., Ohio. <br />Section ~+. For the purpose of providing the necessary funds to pay the interest <br />on the foreg4intg issue of bonds pzroetly when s,nd as tha same falls due, and also to <br />provide a Rand sufficient to discharge the said serial basis at maturity, here shall <br />be end is hereby levied on all taxable property in the City of l~rth Cllmsted, in <br />addition to all other taxes a direct tax annually during the period said booms are <br />to run in an amount sufficient to provide fua~ds to pay the interest upon said bonds <br />as affi w~-es the same falls due, sncl. also to provide a fund far the discl~rge of the <br />principal. of said serial bonds st maturity, which tax shaLl.a~t be less than <br />the interest and sinking fusel. tax required by Section 11 of Article XII of the <br />Coastitutifln of Ohio. Provided, however, that in each year that the assessae+ents <br />anticipated by said bonds are available for the payment of such bonds and are <br />appropriated for such purpose, the amount of such tax shall be reduced by the <br />amount of the assessment so appropriated. <br />Section 5. Said tax shall be and is hereby ordered computed, certified, levied <br />and extended upon the tax duplicate and collected by the sssaes officers, in the same <br />manner and at the same time that taxes for general purposes for each of said ors acre <br />certified, extended and collected, Said tax shall be placed before and fn preference <br />to all other items and for the full amount thereof. The fronds derived fry said tax <br />levies hereby required shall be plaaced in a separate and distinct fund:, Which together <br />titith the interest collected on the seine shall be irrevtacably pledged for the payment <br />of the interest and principal of said bonds when an<i as the saa4e fall due. <br />Section 6. That all installments of said assessments and all portions thereof, <br />together with interest thereon, shall be applied to the payment of said bonds and <br />interest as the same shall becoane due and for no other purpose whatsoever. <br />Section 7. Said bonds shall be first offered at par egad accrued interest <br />to the officer having charge of the Bond Retirement Fund in his official capacity, <br />and if said officer refuses to take any or all of said bamds, then said bonds <br />not so te~k®s shall be advertised for public sale and-sold in the meaaner provided <br />by law. The proceeds from the sale of said 'bawds, except the premium a>'xl accrued <br />interest, shall be used for the purpose afmresaid and for no other purpose and <br />be allocated to the improvement herein described. <br />The premium sad accrued interest received from such sale shall be transferred <br />to the Bond Retirement Fund to be applied to the payment of the princpal and <br />interest of said bonds, in the manner provided by law. <br />Section 8. The Clerk of Council is hereby authorized and directed to certify <br />a copy of this ordinance to the Auditor of Cuyahoga County, Ohio. <br />2 - <br />