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S
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<br />1. October 1, 1930 - . .5253.76 11. April. 1, 1933. .$1000.00
<br />2. Octdber 1, 1930. .1000. 00 12.,.. April is 1933. . 1000.00
<br />3. , April,l"1 1931 . • 1001:00 , 13. October 1, 1933 1000.00 1
<br />4. April 1, 1931' . . 1000.00 14.: Ootober.l,,1933 1000.00
<br />5:. October 1, 1931. 1000.40 15. April 1,,1934. .1000.00 1
<br />6. October 'l, 1931. . 1000.00 16. April 1, 1934 .. 1000.00
<br />7. April 1 1932 . . . 1000.00
<br />$. April 1 17, October Is 1934 .1000.00
<br />, 1932 . • 1000.00 18.. October 1, -1934. . 1000.00
<br />9. October 1 1932. 1400000 19,_-April is 1935. 1000.00
<br />10. October 1, 1932 • 03. 1000.00 20. April 1, 1935 1000000
<br />which meturities.are hereby determined to be in substantially equal
<br />annual installments.
<br />Section 3. That it is necessary and this Council hereby determines
<br />that notes shall be issued in anticipation of the issue of said bonds.
<br />Section 4.., That such anticipatory notes in the amount of
<br />Eighteen Thousand Two Nundred Fifth and N0L100 Dollars ($18,260.00
<br />which sum does not exceed the amount of the bond issue, shall'be issued
<br />bearing interest at the rate of six per centum per annum, pay-
<br />able semi - annually. Suc)A notes shat be ated the first day of August j
<br />1928., and shall mature on'the first day of August ,, 19 gq ,
<br />(pro iv ded, however, that such notes shall be redeemable at any,in Brest
<br />period). Such notes shall be executed.and delivered in such number and
<br />such denominations as may be requested.by the purchaser of such notes
<br />and the Clerk and Mayor are directed to sell'said notes as funds are
<br />needed for said improvement.
<br />Section 5. Such notes shall be executed by the Mayor and Village
<br />Clerk and bear the seal of the corporation. Shall be designated "Burns Road I
<br />Slag Improvement Notes" and shall be payable at the
<br />office oY the North Olmsted Bank in the
<br />Village of North Olmsted , Ohio;
<br />they shall express upon their face the 'purpose for which they Are issued
<br />and that they are issued pursuant to. ordinance.
<br />Section 6• Said notes shall be first offered to the Sinking Fund
<br />Trustees of the village and so many of the same as shall not be taken by
<br />said Trustees shall be sold at private sale by the Village Clerk, but
<br />for not, less than par and accrued interest, and the proceeds from such
<br />sale, except any premium and accrued. interest thereon, and the amount
<br />thereof necessary for the payment of interest prior to the maturity of
<br />said,notes,,shall be paid into the proper fund and used for the purpose
<br />aforesaid and for no other; purpose. Any premium and accrued interest and
<br />the amount necessary for the payment of interest prior to their maturity
<br />shall be transferred to the Trustees of the Sinking Fund to be applied
<br />by them in the payment of principal and interest of said notes in the
<br />manner provided by law.
<br />Section 7. Said notes shall be the full general obligations of the
<br />Village and the full faith, credit and revenue of said Village are Yhereby
<br />pledged for the prompt, payment of the same. The par value to be received
<br />from the`saleofthe bonds anticipated by said notes and any excess fund
<br />resulting from the issuance of. said notes shall to the 'extent necessary
<br />be used only for the °retirement of said notes at maturity, together with
<br />interest thereon, and is hereby pledged for such purpose.
<br />And the full faith and revenue of the municipality are hereby pledged
<br />to levy tree " necessary assessments to pay for said improvement as herein -;,
<br />before determined and to issue bonds in eticipation of such assessments
<br />which assessments so collected shall be applied to the payment o£ the'.notes
<br />herein mentioned 'antil same are fully paid and balance to the payment of �
<br />the bonds in anticipation of which such notes are issued.
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