Laserfiche WebLink
i <br />n( <br />1 <br />1 <br />1 <br />r <br />j <br />Section 5. Such notes shall be executed by the Mayor and Village Clerk <br />and bear the seal of the corporation. (Shall have coupons bearing the facsi- <br />mile signature of the Village Clergy:.) Shall be designated rPublic Park Im- <br />provement Notes' and shall be payable at the office of the North Olmsted Bank <br />in the Village of North Olmsted, Ohio; they shall express upon their face the <br />purpose for which they are issued and that they are issued pursuant to this <br />ordinance: <br />Section 6. Said notes shall be fir ^t offered to the Sinking Fund Trustees <br />of the Village and so many of the same ad shall not be taken by said trustees <br />shall be sold at private sale by the Village Clerk, but for not less than par <br />and accrued interest thereon (and the amount thereof necessary for the payment <br />of interest prior to the maturity of said notes), shall be paid into the <br />proper fund and used for the purpose aforesaid and for no other purpose. Any <br />premium and accrued interest (and the amount necessary for the payment of <br />interest prior to their maturity) shall be transferred to the trustees of the <br />Sinking Fund to be applied by them in the payment of principal and interest <br />of said notes in the manner provided by law. <br />Section 7. Said notes shall be the full general obligation of the <br />Village and the full faith, credit and revenue of said Village are hereby <br />pledged for the prompt payment of the same. The par value to be received <br />from the sale of the bonds anticipated by said notes and any excess fund <br />resulting from the issuance of said notes shall be the extont necessary to <br />be used only for the retirement of said notes at maturity, together with <br />interest thorcon, and is hereby pledged for such purpose. <br />Section 8. During tho yoar or years while such notes run there shall <br />be levied on all the taxable property in the Village of North'Olmsted, in <br />addition to all other taxes a direct tax annually not less than that which <br />would have been levied if bonds had been issued without the prior issue of <br />such bonds• <br />Said tax shall be and is hereby ordered computed, certified, levied and <br />extended upon the tax duplicate and collected by the same officers in the same <br />manner and at the same time that taxes for general purposed for each of said <br />years are cortificd, extendod and collected. Said tax shall be placed before <br />and in preference to all other items and for the full amount thereof. The <br />funds derived from said tax levies hereby required shall be placed in a <br />separate and distinct fund, which, tog other with the interest collected on <br />the same s hall be irrevocably pledged for the payment of the principal and <br />interest of said notes of the bonds in anticipation of which they are issued <br />when and as the same fall duo, <br />Section 9, The Village Clerk is hereby directed to forward "a certified <br />copy of this ordinance to the County Auditor. <br />Section 100 This ordinance is hereby declared to be an emergency moasuro <br />to preserve the health and safety of the Community and shall take effect im- <br />mediatoly upon its passage. <br />Section 119 That Ordinance No. 261 passod October 2, 1928, Ordinance <br />No. 271 passed April 59 1929 and Ordinance No. 273 passed April 5,41929 be <br />and the same are hereby ropoalod. <br />i <br />,M <br />