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4 <br />1. October 1, 1930. .0456.48 <br />2. April 1, 1931. . 400.00 <br />3. October 1, 1931. 400000 <br />4. April 1, 1932.. ... . .,400.00 <br />5. October, 1, 1932. ... 400000 <br />6.: April 1, 1933. 400.00 <br />7. October 1, 1933. .,. 400.00 <br />8. April 1, 1934. 400.00 <br />9. October 1, 1934. . 400.00 <br />10• April 1, 1935 400.00 . <br />which maturities 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 />Three Thousand Fight Hundred Forty-Six-and n0400 D211P.rg ( !,V'45.00) , <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. SueX,notes hall be dated the "first day of August <br />19 28 , and shall mature on tho first day Of August , 19 30 , <br />(pro iv ded, however, -that such notes shall be re eT emab a aE`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 <br />Dewer Road Slagging Notes and shall be payable at the <br />office of the North O1mstmrl 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 this 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 Clerkp but <br />for not less than par and accrued interest, and the proceeds from such <br />sale, except any premium and accrued interest I 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 trangferred to the Trustees of the Sinking Fund to'be applied <br />by them in the payinent' of pringipal 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 neyenue of. said. Village are . hereby . <br />pledged for the prompt payment of the same: The -par valor to be received <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 thereon, 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 aascssments so collected shall be applied to the payment of the notes <br />herein mentioned until same are fully paid and balance ,to the payment of <br />the bonds in anticipation of whioh such notes are issued. <br />