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

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I i l which maturities are hereby determined to be in substantially equal.-annual installments. section 3. Said bonds to be prepared by the Village solioi«. tor, signed by the Mayor and Village Clerk, sealed with.the Vil- lage Seal; shall express upon their face 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 interes', at the office,of the North Olmsted Bank Company in the Village of North Olmsted, Ohio; shall be issued-and sold under the direction: of the finance committee of council, and shall bear such consecu- tive numbers as said committee or the proper officer of the Vil- lage may determine. Section 4. That unon sale of said bonds said one year's in- terest any premiums and., the accrued interest realized therefrom, shall fie' paid to the Sinking Fund. ,Trustees. The .par.;value real. ized from the sale of said bonds shall be pplaced in the Village kreasury, to the credit of the "Mall Road Sidewalk Improvement nd", and shall be disbursed from said fund on proper vouchers, in payment of the expense of, the improvement aforesaid, for ,chich purpose said money is hereby appropriated. -t Section 5- In the event any of the Q,,Ynfrs of any of said roperty so specially ssesaed shall pay their total assessments p ' in Bash within thirty (30) days of, the date of the final passage of the ordinance levying such special assessments the aggregate amount of bonds to be issued shall be reduced by, Aedudting the amount so paid in cash from the total amount of the bonds to be issued, and the bonds herein provided for first maturing shall be correspondingly redu,ed by the omission of so many thereof as sha]l equal the amount of assessment so paid', or by changing the denomi- nation of one of said bonds, o r both, as the case may be, and the amount to be credited to the foregoing fund frogs the sale of said[ bonds shad be likewise reduced by the amount of the assessment so paid in cash for such improve ments. Section 6. That all installments of €4id assessment and all portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest as thesame shall become due and to no other purpose whatsoever. Section 7 That the faith, revenue and credit of the-Village of North Olmsted are hereby pledged for the prompt payment of both principal and interest of the bonds hereinbefore described in ac.. cordanoe with the laws and constitution of the State of Ohio. funds Section 8. That for the purpose of providing the neoessary Pay the interest on the foregoing issue of bonds promptly.. when and -as the same falls due, and also to create and maintain a sinking fund sufficient to discharge the said-bonds at maturity, there shall be, and is hereby levied on all the taxable of the Village of North Olmsted in addition to all other ptaxeslya direct 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 one fall due. fled,That said tax shall be and is hereby ordered computed, certi- .levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that th' taxes for general purposes for each of said ars are tended and cblle+cted. That all funds derivedefrom sa certified, e _- zereby required, shall be placed in a separate and distinct fund Yhich, together with all interest collected on the sane shall be Irrevocably pledged for the )f said bonds when and as theasametfalltdueinterest and principal' I Section 9. This ordinance shall take effect and be in 'rom and after the acv e earliest period allowed b fame 1 1 .