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

Home Browse Search

s i which maturities are hereby determined to be in substantially equal annual installments. Section 3. That it is necessary and this council hereby determinos that notes shall be issued in anticipation of the issue of said bonds. Section 4. That such anticipatory notes in the amount of $30;210.00 which sum does noti exceed the amount of the bond issue, shall be issued bear- ing interest at the rate of si:; (6) per centum par annum, payable semi- annually. Such notes s.hall be dated the lst day of October, 1928, and shall ' mature`on the lst day of Oe-cober, 1930, (provided', "however, that such notes shall be redeemable at any interest period). Such notes shall be executed and delivered in such number and such denominations as may be requested by'the pun- chaser of such bonds. Section 5. Such notes shall be executed by the Mayor and Village Clerk and bear the seal of the corporation. (Shall have coupons bearing the fac- simile signature of the Village Clerk.) Shall be designated "Fire House and Fire Apparatus Notes" and shall be payable at the office of the North Olmsted Bank in the Village of North Olmsted, Ohio, they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Said notes shall be first offered to the Sinking Fund Trustees of the Village and so many of the same as shall not be taken by said Trustees shall be sold at private sale by the Village Clerk, but for not less than par and accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon (and the amount thereof necessary for the payment of interest prior to the maturity of said notes), shall be paid into the proper 4 fund and used for the purpose aforesaid and for no other purpose. Any pre - mium and accrued interest (and the amount necessary for the payment of interest prior to their maturity) shall be transferred to the trustees of the Sinking Fund to be applied by them in the payment of principal and interest of said notes• in the manner provided by law. Section 7. Said notes shall be the full general obligations of the Village and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess fund M resulting from the issuance of said notes shall be the extent necessary to be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the year or years while such notes run there shall be levied on all the taxable property in the Village of North Olmsted, in addi- tion to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such notes. 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 taxes for general purposes for each of said years aro certified, extended and collected. Said tax shall be placed before and in. preference to all other items and for tho full amount thereof. The funds derived from said tax levies hereby required shall be placed in a soparato and distinct fund, which, together with the interest collected on the same, shall be irrevocably pledged for the payment of the principal and in- terest of said notes of the bonds in anticipation of which they are issued when and as the same fall due. Section 9. The Village Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor, Section 10. That this Ordinance is - hereby deolaced-to be an e'mergen'cy-measure to'preservie': the- health. and sdfety,.of,'the community and shall take effect immediately upon lect?on M* That Ordinance No. 261 passed October 2, 1928 and Ordinance No. 270 passed February 4, 1929) be and the same are hereby repealed. ,1