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

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NOW Y rt. 1.- October 1 1929 - -- 423.60 6,- hpril 1, 1932 - -- 600.00 2.- April' 1,1930 - -- 600.00 7.- October 1, 1932 - -- 600.00' 3.- October 1, ' 1930 -- 600.00 8, -April 1, 1933 --- 600.00 4.-; April 1,. 1931 - -- 600.00 9.- October 1, 1933 - -- 600.00 5.- October 1,:1931 - -- 600.00 100- April. ",191 1934- -- 600.00 which maturities are hereby determined to be in substantially equalp annual installments. 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 five thousand_, five hundred and twenty dollars ($5,520.00) , which sum does not exceed the - amount of the bond issue, shall be issued bearing interest at.the rate of 6 per centum per annum, pay- able semi- annually. Suc)L notes shall the first day of Aupiast 19 2g ` , and shall mature on the first day of August , 19 30 e (provided, however, that such notes shall be re eema e a any interest period).' Such notes shall be executed and delivered in such number and such denominations as may be requested by the purchaser of such notes and the Clerk and Mayor are directed to sell 'said notes as funds are needed for said improvement. Section 50' Such notes shall °be executed by the Mayor and Village Clerk and bear the seal of the corporation. Shall be designated "Porter Road"Sidewalk Improvement Notes" and shall be payable at the office of the North Ulmsted Bank in the Village of North Olmsted Ohio; they shall express upon their face the purpose for which'they are issued and that they are issued pursuant to this ordinance. Section 6. Said notes shall'be first offered to the Sinking Fund Trustees ' 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 premium and accrued interest thereon, and the amount thereof necessary for the payment of interest prior to the maturity of said notes, shall be paid into the proper -fund and used for the purpose aforesaid and for no other; purpose. Any premium' and accrued interest_ 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 law. Section 7. 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' of the : same. The par value to .be received from the sale of the bonds anticipated by said notes and any excess fund resulting.from:;the issuance of said notes shall to 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. } And the-full faith and revenue of the municipality are hereby pledged to levy, tre necessary assessments to pay for said improvement as herein- before determined and to issue bonds in anticipation of such assessments which assessments so collected shall be applied tc the payment of the'notas herein mentioned until same are fully paid and balance to the,payment of the bonds in anticipation'of whioh'`such` notes are issued.