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

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which maturities are hereby determined to be in substantially equal annual installments. Section 3. Said bonds to be prepared by the Village solicitor, signed by the Uayor and Village Clerk, sealed with the Village Se j- shall express upon their face the purpose for which they are issued and the fact that they are i ssued' pursuant to lar and t'his ordina�cg shall be payable, both prin -ipal, and interest, at the office of the North Olmsted Bank Company in the Village of North Olmsted, Ohio; shall be issued and sold under the directions of the finanyie committee of Council, and Shall bear such consecutive numbers as ( j said committee or the proper officer of the Village may determine, Section 4. That uponaale of said bonds said one year's int- erest, any premiums and the accrued interest realized therefrom; shall be paid to the Sinking Fund Trustees. The par value realized from the sale of said bonds, shall be placed in the Village trans ury, to the credit of the "Alexander Road Improvement Fund ", and shall be disbursed from said .fund on proper vouchers, in payment of the expense of the improvement. aforesaid, for shish purpose said money is hereby appro3riated. 1, j Section 5. In the event any of the owners of any of said pro- perty so specially assessed shall pay their total assessments in* cash within thirty (30) days of the date of the final passage of j the ordinance levying such special assessments, the aggregate amount of bonds to be issued shall be reduced by deducting the ftmoun so aid in cash from the total amount of the bands to be issue , an the bonds herein provided for first maturing shall be! correspondingly reduced by the omission of so many thereof as shall equal the amount of assessment so paid, or by changing the denomir nation of one of said bonds, or both, as the case may be and the; amount to be credited #I the foregoing fund from the sale of said; bonds shall be likewise reduced by the amount of the assessment so Paid in cash for such improvement. Section 6. That all installments of said assessment and all Portions thereof, together with interest thereon, shall be applied to the payment of said bonds and interest on the same shall become due and to no other purpose whatsoever. Section-7-6 That the faith revenue and credit of the Village of North Olmsted are hereby pledged foxy the roc t p p payment of both principal and interest of the bonds hereinbefore described �n ac-- i cordanae with the laws and -oonstitution of the State of Ohio..- Section n. That for the purpose of providing the necessary funds to pay the interest ion the foregoing issue of bonds when and as the some -falls due,, and' also to create and maintainty a sinking fund sufficient IQ discharge the said bonds at maturity, � there shall be, and is hereby levied on all the taxable proerty of the Village of North Olmsted in addition to all other taxes, a j 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 same fall due. That said tax shall be and is hereby ordered computed, eerti- fi ed, ,levied and extended upon tha tar, duplicate I the same officers, in. the same manner and patrthe same time that the taxes for g.enerai purposes for each of the said extended and collected. That all funds derived Years are taxticvies hereby required, shall be "placed in a separate and distinct fund which, together with' all interest collected irrevocably pledged for the on the same shall bed � l of said bonds when and as `the ametfalltdueinterest and principal z