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which maturities are heroby dotermihcd to be in substantially equal
<br />installments.
<br />Section 3.. That said bonds shall oxpress` upon their face the
<br />purpose for which they are issueds that,thoy are,issued in pursuance
<br />of this ordinance and bhall,be signed by the Mayor and Clerk and shall
<br />be sealed with the corporate seal 'of. the Village. Interest coupons at-
<br />tachod to said bonds shall boar the tacsimilo sighature of the Village
<br />Clerk.
<br />Section 4. That for the purposd_of providing the necessary funds
<br />to pay the interest on the foregoing issue of bonds promptly when and as
<br />the same falls due and also to provide a fund sufficient to discharge
<br />the said serial bonds at maturity, there shall be and is hereby levied
<br />on all the taxable property in the Village of North Olmsted, in addition
<br />to all other taxes,- a�direct tax annually during the period said bonds
<br />are to run in an amount sufficient to provide funds to pay interest upon
<br />said bonds as and when the same falls due and also to provide a fund for
<br />the discharge of the principal of said serial bonds at maturity, which
<br />tax-shall be not loss than the interest and sinking fund tax required by
<br />Section 11 Article XII of the Constitution.
<br />Said tax shall be and is hereby ordered computed, certified, levied
<br />and extended upon the tax duplicate and collected by 'the same officers,,.
<br />in the same manner and at the same time that taxes for general purposes
<br />for each of said years are cortihod, extended and collected. Said tax'
<br />shall be placed before and in.preforenco to all other items and for the
<br />full amount thereof. The funds derived from said tax levied hereby re-
<br />quirod shall be placed in a separate and distinct fund, which together
<br />with all interest collected on the same, shall be irrevocably pledged
<br />for the payment of the interest and principal of said bonds when and as
<br />the same shall fall duo.
<br />Section 5. That,said. bonds shall be first offered at par and
<br />accrued interest to the Trustees of the Sinking,Fund in their official
<br />capacity, and if said trustees refuse to take any or all of said bonds, '
<br />then said bonds not so taken shall be advertised for public sale and sold
<br />in the manner provided by law under the direction of the Finance Committee.
<br />and the Clerk, but not for loss than their par value and accrued interest;
<br />the proceeds from the sale of said bonds, except the premium and accrued
<br />interest thcroon and the amount of said bonds issued for interest, shall
<br />be used for the purposo aforesaid and for no other purpose; the premium
<br />and accrued; interest received from such sale shall be transferred'to the
<br />trustees of the Sinking Fund to be applied by them in the payment of the
<br />and interest of said bonds in the manner
<br />principal provided by law.
<br />Section 6. Tho Village Clerk is hereby'diroctod to for.p t add9rt
<br />fiod copy of this ordinance to the County Auditor as roquire� J�y., qatibly
<br />5649 -1b of the General Code. 41 D 0 .�. 1, �r
<br />Section 7. This ordinance shall take effect and be in , or_ CA ;.r m;, a o
<br />and after the oarliest period allowod by law, CIS B
<br />H .x
<br />+ O O
<br />Road the first time June 7 1927. a o ?
<br />f op 000,
<br />Moved by Mr... 4.. .........seconded by
<br />the statutory rule be suspendod and that Ordinance No.�,��..t
<br />+ mediutol the second and third times and put upon 'its assn c° w T �' o
<br />Y P P g, y _T��.i = .,
<br />firmativc veto on said motion was as follows: Bidwe ]�'st -� "~
<br />man, Romp, Schindler, Stine. v ., ° v v
<br />Thereupon the ordinance was road the second and third times a#dZ ga•�*,upe,
<br />its passage and the affirmative vote thereon was = as follows } .,
<br />Bidwell, Christman; � Romp, Schindler, Stino. •y ! -�
<br />r � t J _`.... - ` ✓J � ,may � '71 � w M
<br />Ordinance pas sQd -• Jur 7,, 1927.
<br />Approved and sign6d;^,by the Mayor 7, 1927. s�i n � ,� 6 1
<br />CI j CI !
<br />, biay0r.
<br />T
<br />. M. Chr tmsts'' Clerk`: "
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