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

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a J 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 Mayor and Village Clerk, sealed with the Village Seal; shall express upon their face the purpose for which they are issued and the f act that they are issued pursuant to law and this ordinance; shall be payable, both princi. pal, 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 direction of the finance committee of council, and shall bear such consecutive numbers as said committee or the proper' officer of the Village may.determine. Section 4. That upon sale of said bonds said one yearts interest, 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 treasury, to the credit of the Maple Ridge Road Improvement Fund, and shall be disbursed from said fund on proper vouch. era, in payment of the expense of the improvement aforesaid, for which pur- pose said money is hereby appropriated. Section 5. In the event any of the oimers of any of said property so specially assessed shall pay their total assesments in cash within thirty day of the date of the final passage of the ordinance levying such special assess ments, the aggregate amount of bonds to be issued shall be reduced by deduct.. ing the amount so paid in cash from the total amount of the bonds to be issu and the bonds herein provided for first maturing shall be correspondinglyrre- duced by the omission of so many thereof as.shall:egual the amount of assess- ment so paid, or by changing the denomination.of one of said bonds, or both, as the case may be, and the amount-to be credited to the foregoing fund iron the sale of said bonds shall be likewise reduced by the amount of the assess. went so paid in cash for such improvements. 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 as.the same .-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 in- terest of the bonds hereinbefore described in accordance with the laws and constitution of the State of Ohio. t. Section 8. That for 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 sinking 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, a 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 col« lection of said assessments as the same fall due. That said tax shall be and.is hereby ordered computed„ certified, levied and extended upon the tax duplicate and collected by the same officers, in the same manner and at the same time that the taxes for.general purposes for each of the said years are certified, extended and collected. That all funds.de. rived from said tax levies hereby required, shall be placed.in a separate and distinct fund, which, together.vrith all interest collected on the same shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall due* Section 9. This ordinance shall take effect and be in force from and after the earliest period allowed by law. ■ '1