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1. October 1 „1931. X770.9311
<br />2. October 1, 1932.. 750.00
<br />L. October 10 1933. *.'750,00,
<br />4. October is 1904: .7500'00..
<br />5, October.1 J315 750' 00
<br />which maturities are hereby determined to be in substantially equal annual
<br />Installments..
<br />Section 3.,t Said�,bonds,to be prepared by theNillage, Solicitor,,.sig . ned
<br />by the Mayor and Village-Clerk, sealed with the Village Seal; shall expres I s
<br />upon their face the purpose f or..which. they .- are, is-sued, and,, . the"faot that
<br />they are issued pursuant to.law and this-ordinalnc'e;'s'fiall• be payable,',,,both
<br />principal and -interest, .at:,the office Of the.,*-, 1or-'
<br />3th Olmsted Pank Conpany
<br />of, 14'orth O1rLstedj,,Ohio 'and shall bear- such, consecutive num-
<br />bers as said committee or the proper officers of the Village may determine.
<br />Said bon'dsshall'be first offer"ed'at par and accrued interest to the
<br />Trustees.of the Sinking Fund of the Village in their. official capacity, and
<br />if said trustees refuse to take any or all of said bonds, then said bonds
<br />not so taken shall be advertised,for public sale and sold in the manner
<br />provided by law under the direction of the Finance Committee and the Clerk,
<br />but not for'less--than their par-value and accrued,interest;.the bond'sale.:,
<br />advertisement shall state that any one ,desiring .to do so, may present a
<br />bid or-bids for f such ,bonds, based upon their bearing 'a.different rate of_
<br />interest than>hereinbefore fixed ! provided, however,.'that mh,er.-e a fractional
<br />interest rate is bid, such fraotionphall be one - quarter of-one per cent,
<br />or multiples thereof.
<br />Section,4'e- That upon-sale of: said:.bonds.said'onelyearts.interest,,-,any
<br />premiums and the accrued interest realized -therefromo,,shall.be pa'id to the
<br />Sinking.Fund Trustees.''The par value realized from the sale of said bonds,,
<br />.shall be placed in the Village Treasury, to the credit of-the
<br />* "Llacbeth. Pvenue Slagging Impro7ement Fund” and shall be dis-
<br />ursed
<br />= from said fund on proper vouchers, in payment of notes issued pur-
<br />suant to -264 passed November 15�9 27 In anticipation of
<br />the issuance of the 'bonds herein referred, to the proceeds of the sale of
<br />which notes was appropriated and actually used for payment of the expense
<br />of the improvement aforesaid, for which purpose said money to,be realized
<br />from the sale of bonds issued pursuant to this ordinance''is hereby appro-
<br />priated.
<br />M111
<br />..Section 5o, In the event any of,the owners of any of said property so'
<br />,especially assessed'shall.pay-their'total'assess'inents in cash within thirty
<br />(30) days of the date of the final passage of the ordinance levying such
<br />special assessments, the aggregate amount of bonds to be issued shall be
<br />reduced by deducting the amount so paid in cash from.the total amount of the
<br />bonds to be issued, and the bonds herein provided foi first maturing shall
<br />be correspondingly reduced by the omission of so many thereof as shall
<br />equal the amount of assessment so paid, or by changing the.denominatioii of
<br />one of said bonds, or both, as the case may be, and the amount to be credit-
<br />ed to,the foregoing fund from the sale of said bonds shall be likewise re-
<br />duced by the amount of the assessment so paid in cash for such improvements.
<br />Section 6. That all installments.of said assessment and all portions
<br />thereof, together with interest thereon., shall be applied to the payment of
<br />said bonds and interest as the same shall become due and to no other pur-
<br />pose whatsoever.
<br />Section 7o That the faith, revenue and credit of the Village of North Olnoted
<br />are hereby pledged for the prompt payment of both principal and interest
<br />of the bonds hereinbefore described in accordance with the laws and con-
<br />stitution of the State of Ohio.
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