04-04-1922 to 12-31-1929 Ordinance 074 to 319

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ra i which maturities are hereby determined to be in substantially equal annual installments. .Section 3. Said bonds to be prepared by the Village Solicit r, ij signed by the Mayor and Village Clerk, sealed with the Village Seal; shall express upontheir fact? the purpose for which they are issued and the fact that they are issued pursuant to law and this ordinance; shall be payable, both principal, and interest at the, office ,of the.North Olmsted Bank Company in the Village off' North I j Olmsted, Ohio; shall be issued and sold under the directions of tie { finance committee of council, and shall bear such consecutive number i as said committee or the proper officer of the Village may determine i Section 4. ' a That upon sal.. of said bonds said one year's in- terest, terest, any premiums and the accrued interest realized therefrom shall be paid to the Sinking Fund Trustees. The par value real- ized from the oale of said bonds, - shall be planed in the Village treasury, to the-credit of the "West 231st Street Improvement Fund ", and nha11 -be disbursed from said fund on proper vouchers, in payment of the expense of the improvement aforesaid, fot which purpose said money is hereby appropriated. i Section In the event any of the owners of any of said pproperty to specially assessed shall pay their total assessments in cash within thirty (30) days of the date of the final passage of the ordinance I-ovying such special assessments, the aggregate amount of bonds to be issued shall be reduced by deducting the amount so paid in cash from the total amount of h t e bonds to be issued,and the bonds herein provided for first maturing shall be correspondingly reduced .by the omission of so many thereof as shall equal the .mount of assessment so aid, or by clanging the denomi ` nation of one of said bonds, or bo h, as the case may be, and the !' amount to be credited to the foregoing fund from the sale of said bonds shall be likewise reduced by the amount of the assessment a paid in cash for such improvement. Section 6. That all installments of said assessment and all it portions thereof, together with interest thereon, shall be applied 1 to the payment of said bonds and interest as the same shall become due and to no other purpose whatsoever. Section 7. That the faith revenue and credit of the Village: i of North. Olmsted are hereby pleAged for the prompt payment of both principal_ and interest of the bonds hereinbef ore described in ac.. 1` cordance with the lams and constitution of the State of Ohio. for Section 8. That /the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, .and also to' create and maintain 'a Sink- '• ing fund sufficient to discharge the said bonds at maturity, there shall be, and is hereby levied on all the taxable property of the Village of North Olmsted in addition to all other taxes, n diredt tax annually during the period for -which said bonds are to run in an amount sufficient to provide for any deficiency in the levy payment or collection of said assessments as the carne fall due. That said tax shall be and is hereby ordered computed, certi- fied, levied and extended upon the tax duplicate and collected by the same o fficerg, in the same manner and at the same time that the taxes for general purposes es for each of said years are certified, extended and collected. That all funds derived from said tax levies hereby required, shall be placed in a separate and di stinoe fund, which, together with all interest collected on the same shall be irrevocably pledged for the a of said bonds ; hen and na the sane the and principal Section 9. This ordinance shall take off e t d rom and after the earliest c an be in force E period allowed by law. i