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=10 <br />{1, <br />a <br />1. <br />October <br />1, 1930 <br />. <br />$138D.R1 <br />11. <br />April 1, <br />1933 . . <br />.$1000.00 <br />2. <br />October <br />1, 1930 <br />. <br />800.00. <br />12. <br />April 1, <br />1933. . <br />800.00 <br />3. <br />,April 1, <br />1931 . <br />needed for said improvement. <br />1000.00 <br />13. <br />October <br />1., 1933 ... <br />1000.00 <br />4. <br />April 1, <br />1931 . <br />3 <br />800.00 <br />14. <br />October <br />1, 1933 . <br />800000 <br />5. <br />October <br />4 1931. <br />.. <br />1000.00. <br />15. <br />April 1, <br />1934 .. <br />1000.00 <br />6. <br />October <br />1, 1931. <br />.. <br />800.00 <br />16. <br />April 1, <br />1934 . . <br />800.00 <br />7. <br />April.l, <br />1932. <br />..1000.00 <br />_17. <br />Qctober <br />1, 1934 . <br />1000.00 <br />8. <br />April 1, <br />1932. <br />.,. <br />800.00 <br />18... <br />October <br />1, 1934.. <br />. 800.00 <br />8. <br />October <br />1, 1932. <br />interest thoreon, and is hereby pledged for such purpose. <br />1000.00 <br />19. <br />April 1, <br />1935. . <br />.1000.00 <br />10. <br />Octnber.a, <br />1932.. <br />E' <br />800.00 <br />200 <br />April 1, <br />1935. <br />. 800.00 <br />which maturities are <br />hereby <br />determined to <br />be in substantially equal <br />annual installments. <br />gection <br />3. That it is <br />necessary and <br />this <br />Council hereby determines <br />that notes shall be <br />issued in anticipation of <br />the issue <br />of said bonds. <br />Section 4. That such anticipatory notes in the amount of <br />Seventeen Thousand Four Hwilred Twenty -Two and nOf100 Dollars 017.422,Qq), <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 shall be -dated-the first day of August <br />19 28 , and shall mature on the first day of August , 19 SO , <br />(pro iv ded, however, that ,such..notes. shall be re eema e a any inNerest <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 "Porter Road <br />Sla. im ovement Tlotes" and shall be payable at the ! <br />Mice of he Aorth 01matecr Dank in the f <br />3 <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 this ordinance. j <br />Section 6. Said notes shall be first .offered to .the Sinking Fund <br />/ <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 1 <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 - ereby <br />r <br />pledged for the prompt payment of the same. The_par value to be received <br />' <br />from the sale of the 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 thoreon, and is hereby pledged for such purpose. <br />And the full faith and revenue of the municipality are hereby pledged <br />to levy the necessary assessments to pay for said improvement as herein - <br />before determined and to issue bonds in anticipation of such assessments <br />which assessments so collected shall be applied to the payment of the notes <br />E' <br />herein montionod' until same are fully paid and balance to the payment of <br />" <br />the bonds in anticipation of which such notes are issued. <br />