04-04-1922 to 12-31-1929 Ordinance 074 to 319

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which maturities are hereby determined to be in substantially equal annuals, installments. 4 Section 3. That it is necessary and this council hereby determines that " notes shall be issued in anticipation 'of the issue of said bonds. Section 4. That such anticipatory notes in the amount of- $35,000.00 which sum does not exceed the amount 'of the bond issue, shall be issued bea.rin interest at =the rate of six (6) per centum1per annum,-payablese3iii.- annually, Such notes shall be dated the lst "day or October,'1928, and shall mature on the lst day of October, 19300 (provided, however, ;that such notes s }fall be redeemable at any interest period). Such notes shall be executed and delivere in such number and such denominations as may be requested by the purchaser of such bonds. . Section 5. Such notes shall be executed by the Mayor and Village Clerk a d bear the seal of the corporation. (Shall have coupons bearing the facsimile s gn_ ature of the Village Clerk.) Shall be designated: "Public Buildinw and Fire Apparatus Notes" and -shall be 'ayable at t e office of the 97 Bank in the Village of fj Ohio; they shat ex4,rer�� upon their face the purpose-for ic'% they are issued sue and -that they are issued pursuant to this ordinance. Section 6. Said notes shall be first offered to the Sinking Fund Trustee of the Village and so many of the same as shall not be taken by said Trustees shall be sold at private sale by the Village Clerk, but for not less than par and accrued interest, and the proceeds from such sale,-except any premiiu.i and accrued interest thereon (and the amount thereof necessary.for the paynent of interest prior to the maturity of said notes)p shall be paid- into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued.interest'pxiz (and the amount necessary for the payment of interest prior to their maturity). shall be transferred to the Trustees of the Sinking Fund to be applied by them`in" the payment of principal and interest of said notes. in the manner provided by lain. Section 79 Said notes shall.be the full general obligations of the Village And the full faith, credit and revenue of said Village are hereby pledged .for the prompt payment cf the same. The par value to be received from the sale of the bonds anticipated by s id'notes and any excess fund resulting fr rn�i the issuance of said notes shall tb the extent necessary be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the year or years while such notes run there shall be levied on all the taxable property in the Village of North Olmsted, in addi- tion to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without, the prior issue of such noteco Sal&I tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the sane time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for'.the full amount thereof. The funds derived from said tax levies .hereby required shall be placed in a separate And distinct fund, thicli, together with the interest collected on ,the sane, _shall be irrevocably pledged for the payment of the principal and intere. t of said notes or the bonds in anticipation of which they are issued when and as the same fal l due. Section 9. The Village Clerk is hereby directed to forward a certified copy of this ordinance to the County auditor. Section 10. That this ordinance shall take effect and be in force