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

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S it I* October 1, 1931 9-0 . . '. . •621.14 29 October 1,` 1932. . '. 700.00 3. October 1,.1933 ".. . 700.00 4. October- 1, 1934" ." . .' .' • 700.00 59 October 1, 1935: . 700.00 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 fact that they are issued pursuant to law;and this ordinance;,shall be payable,,both principal and 11 int ©rest at the office of ,the ' "C a and shall bear. -such consecutive num- bers as said'committee;Mor the properoff icers of the .Village may determine. Said bonds shall be first offered at par and accrued interest to the Trustees of the Sinking Fund of the Village in their official capacity, and if said trustees,refuse • to take any'or all of said bonds, then said bonds not so taken shall be advertised for public sale and sold in the manner provided by -law under the direction of the Finance Committee and the.Clerk,. but not for less than; -their par value and accrued interest; the bond,sale advertisement.shall state that any one desiring to do.so, may present a bid or bids for -such bonds based upon "their bearing &'` different rate'of - interest than hereinbefore fixed, provided,* however,`that'where a, fractional interest rate is bid, such fraction shall be one - quarter of one per cent, or multiples thereof. Section 4. That upon sale of said "bonds said one.'yearts interest, any premiums and the accrued interest realized therefrom, shall be;paidto 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 "Lucille Drive Slagging Improvement Fund" and shall be dis- burse from said fund on proper vouchers, in payment of notes issued pur- suant:to MhoNo. 246 2 passed August 2, 1927 in anticipation of the issuance of the bonds herein referred, to the proceeds of the sale of which notes was appropriated and actually used for payment of the expense of the improvement aforesaid, for which purpose said money to be realized from the sale of bonds issued pursuant to this ordinance'-is hereby appro- priated.' Section 5. In the'event any of.the owners of any of said property so especially assessed shall pay .their total assessments in cash 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 deducting 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 reduced by the omission of so many thereof as shall equal the amount of assessment so paid, or by changing the denomination of one of said bonds, or both, as the case_ may be, and the amount to be credit- ed to the foregoing fund from the sale of said bonds shall be likewise re- duced by the amount of the assessment 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 pur- pose 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 - t of the bonds hereinbefore described in accordance with the laws and con- stitution of the State of Ohio.