Laserfiche WebLink
•1. October <br />2, October <br />3, October <br />4, October <br />5. October <br />1, <br />1, <br />1, <br />1, <br />1, <br />1931 . . <br />1932 1 . <br />1933 . . <br />1934 ... <br />1935 . <br />.A18A4.55 <br />. 800.00 <br />. 800000 <br />. 500.00 <br />. £300000 <br />which maturities are hereby determined to be in substantially equal annual <br />installments. <br />Section 3. Said bonds to be prepared.by the Village Solicitor, signed <br />by the Mayor and Village Clerk, sealed with the Village Seal; shall express <br />upon their face the purpose for which they are issued and the fact that <br />they are issued pursuant to law and this ordinance; shall be payable, both <br />principal and interest, at the office of the ILorth Olmsted Bank Company <br />of 37iort h OInsted, 011.10 , and shall bear such consecutive num- <br />bers as said committee or the proper officers of the Village may determine. <br />Said bonds shall be first offered at par and accrued interest to the <br />Trustees of the Sinking Fund of the Village in their official capacity, and <br />if said trustees refuse to take any or all of said bonds, then said bonds <br />not so taken shall be advertised for public sale and sold in the manner <br />provided by law under the direction of the Finance Committee and the Clerk, <br />but not for less than their par value and accrued interest; the bond sale <br />advertisement shall state that any one desiring to do so, may present a <br />bid or bids for such bonds based upon their bearing a different rate of <br />interest than hereinbefore fixed, provided, however, that where 'a fractional <br />interest rate is bid, such fraction shall be one - quarter of one per cent, <br />or multiples thereof. <br />1 <br />Section 4. That upon sale of said bonds said one year's interest, any <br />i <br />premiums and the accrued interest realized therefrom, shall be paid to the <br />Sinking Fund Trustees, The par value realized from the sale of said bonds, <br />shall be placed in the Village Treasury, to the credit of the <br />"Dowey Road Slagging Improver:ent Fund" and shall be dis- <br />bursed from said fund on proper vouchers, in payment of notes issued.pur- <br />suant to Ordinance No. 250 passed 1ugust 7, 19 28 in anticipation of <br />the issuance of the bonds herein referred, to the proceeds of the sale of <br />which notes-was appropriated and actually used for payment.of the expense <br />of the improvement aforesaid, for which purpose said money to be realized <br />from the sale of bonds issued pursuant to this ordinance is hereby appro -' <br />priated. <br />Section 5. In the event any of the owners of any of said property so <br />especially assessed shall pay their total assessments in cash within thirty <br />j <br />(30) days of the date of the final passage of the ordinance levying such <br />special assessments, the aggregate amount of bonds to be issued shall be <br />reduced by deducting the amount so paid in cash from the total amount of the <br />bonds to be issued, and the bonds herein provided for first maturing shall <br />'! <br />be correspondingly reduced by the omission of so many thereof as shall <br />equal the amount of assessment so paid, or by changing the denomination of <br />one of said bonds, or both, as the case may be, and the amount to be credit- <br />ed to the foregoing fund from the sale of said bonds shall be likewise re- <br />duced by the amount of the assessment so paid in- cash_for such improvements. <br />section 6. That all installments of said assessment and all portions ` <br />thereof ,- together with interest thereon, shall be applied to the payment of <br />said bonds and interest as the same shall become due and to no other pur- <br />pose whatsoever.' <br />Section 7. That the faith, revenue and credit of the Village of North. Olmsted <br />are hereby pledged for the prompt payment of both principal and interest <br />of the bonds hereinbefore described in accordance with the laws and con- <br />stitution of the State of Ohio. <br />t <br />