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

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