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1. :April 1, 1931 .....•.....o.•.p1i33.49
<br />2. April 1., 1932 ................500.00
<br />�.;
<br />3. April 1, 1933 .:............ 500.00
<br />4. Apr 11 1; 1934 ............... 500.00
<br />5. Apr il ,l,,1935,...............;3500.0 ..
<br />which maturities are hereby determined to be in substantially equal annual
<br />installments.
<br />'Section 3:,.Said bonds to be prepared by the Village-Solicitor,-signed
<br />by the_Mayor and"Xillage-Clerk, sealed.with the:Village Seal ;,shall;,express
<br />upon their.face, the ;purpose for which_trieytare issued ,and the:,fact that
<br />ti
<br />they are:'issued pursuant to :law;and :this. ordinance; shall'be payable ,,both
<br />princi al and' interest, at. the Office.-of ,the : �?
<br />,Wand
<br />shall bear,such, consecutive num-
<br />bers as said committee or the proper officers of the Village may determine.
<br />Said bonds 'shall be first offered at par and accrued interest to the
<br />Trustees of the Sinking Fund of the Village in their official capacity, and
<br />if said trustees refuse to take any or all of said bonds, then said bonds
<br />not so taken shall'be'advertised','for public sale and sold in the manner
<br />provided by law under the direction of „the Finance Committee and the.Clerk..
<br />but not for'• less - than the it - par •value and accrued" interest; -the ..bond sale-,:
<br />advertisement�shall,state that'any '' desiring to'do'so, may present'a>
<br />bid or'bids for such bonds” based upontheir bearing a` different rate of '•
<br />"than
<br />interest hereinbefore` fixed;° provided,, however, ,that where a. 'fractional
<br />interest rate ;is,bid,..such fraction shall be one - quarter of one per cent,
<br />or multiples thereof.
<br />Section 4.'` That'upon sale,of said -bonds said'one`yearts interest, any
<br />premiums and the accrued interest realized "therefrom,° =shall'be':paid.to the
<br />Sinking Fund,-Trustees.' ` The par value realized from the sale of said bonds
<br />shall be placed in the Village Treasury,.to the credit of the
<br />"Summarland .Avenue Sidewalk Improyambnt Fund" and shall be dis-
<br />bursed f om �s,ar,��c� fund on proper 'vouchers; in _ payment of notes issued pur-
<br />°
<br />suant ,bo_<x�lUMT)Wb. ,: 300�..passed, Juna 5 19 28in anticipation of
<br />the issuance of the bonds herein referred, to the proceeds of the sale of
<br />which notes was appropriated and actually used for payment of the expense
<br />of the improvement aforesaid, for which purpose said' money ,to be realized
<br />from the sale'of bonds issued pursuant to this ordinance,is':hereby appro-
<br />priated
<br />Section 5. In the event any of the owners of any of said property so
<br />especially- assessed shall pay their total assessments in cash within thirty
<br />(30) days of the date of the final passage of the ordinance levying such
<br />special assessments, the 'aggregate amount of bonds to be issued shall be
<br />reduced by deducting the amount so paid in cash from `the ' total amount of the
<br />bonds` to be issued, and the bonds herein provided for first maturing shall
<br />'
<br />be correspondingly reduced by the omission of so many thereof as shall
<br />equal the amount of assessment so paid, or by changing the denomination of
<br />one of said bonds, or both, as the case may be, and the amount to be credit-
<br />ed to the foregoing fund from the sale of said bonds shall be likewise're-
<br />-duced by.the amount of the assessment so paid in`cash, for such improvements.
<br />Section 6. That all installments of said assessment and all portions
<br />thereof, together with interest thereon, shall be applied to the payment of
<br />said bonds and interest as the same shall become due and 'to;no other`pur-
<br />pose whatsoever.
<br />Section 7. That the faith, revenue and credit of the Village, ofNcr th 03rtted
<br />are hereby pledged for the prompt payment of both principal and interest
<br />of the bonds hereinbefore described in accordance with the laws and con-
<br />stitution of the State of Ohio.
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