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<br />1. October 1, 1931 .'572.20 G.:October.l, 1936 . .`,500.00 .
<br />2. October..l, _ 1932 .:" . 500.00 7. " October. I, , 1937, . ... 500000
<br />3. Ootober 1, 193 .. . - 500.00 , i3. ; Cctober. 1, , 1935 ,CO.00
<br />4. October', 1,, , 1934 .; . 500.00 . 9. Cctober 1;.:1939 - . 'P-' .: < 500.00
<br />5.'Cetober :l, 1935;. . 500.00. 10. October 1, •19,10,.:. . 500.00
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<br />which maturities are hereby determined to be in substantially equal annual
<br />installments.
<br />- `Section 3. Said bonds to be prepared by the Village•Solicitor, signed
<br />by the Mayor and.Village Clerk, sealed�with.the.Village Seal;.shall express
<br />A
<br />upon their face` -.the purpose for 'which they-are-issued and.the.faet that
<br />they are issued pursuant to law and this ordinance ;'shall:be payable, both
<br />principal and interest, at the office of they ITorth Olmsted Bank'Co�pany
<br />- of, IZorth'Olmsted, Ohio and ' shall bear such, consecutive nun -
<br />hers as.said committee or.the,proper officers of the ,..Village,may determine.
<br />Said bonds shall'be first offered 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 such bonds based upon their bearing a different rate'of
<br />interest than hereinbefore fixed, provided, °however,'that where a fractional
<br />interest rate is bid, such fraction shall be one - quarter of one per cent,
<br />or multiples thereof.
<br />Section 4;* -That upon sale of said bonds said one yearts'interest,'any
<br />premiums` and' the- ''accrued'interest realized therefrom, shall be paid 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 />"Porter-Road Sidewalk Improvement Fund" and shall be dis-
<br />bursed from said fund on proper vouchers, in payment of notes issued pur-
<br />suant to Ordinance No.. 252 passed November 20,19 lain 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 />Section 5. In the event any of.the owners of any of said property so
<br />especially assessed shall pay their 'total assessments 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 for 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 denomination 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 bo 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 70 That the faith, revenue and credit of the Village of North Oln3ted
<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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