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1. October 1, 1931.. .4480.35 6. October 11'193G . .`.,550.00
<br />2. October 10 1932 ... .' 5x0.00 7.- October 1,.1937. . 550.00
<br />3. October, 10 1933. 550.00, C. October 1, 1938. 550.00
<br />4, October 1,, 1934. , -. 550.00 , 9. October 14 1939. Sr
<br />5. October 1, 1935. ... 550.00 10. Ootober 1, 1940 550.00
<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 Village Clerk, sealed with the Village Seal; shall express
<br />upon their face the, purpose for, which they are issued and the fact that
<br />they are issued pursuant to law and this ordinance;.shal1 be payable, both
<br />principal and interest, at the office "of the Uorth Olmsted Back Can ary
<br />of North Olmsted, Ohio , and 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
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<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 their par value and accrued interest; the bond sale
<br />advertisement shall state that any one desiring to do so, may present a
<br />bid or bids for such bonds based upon their bearing a different rate of
<br />interest than 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 year's 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 />"Burns'Road Sidewalk Improvement Fund" and shall be dis-
<br />bursed from said fund on proper vouchers, in payment of notes issued pur-
<br />suant to Ordinance No." 264 "passed January 18 1929 in 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
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<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 -
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<br />ed to the foregoing fund from the sale of said bonds shall be likewise re-
<br />duced -by the amount of the assessment sa 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 of .north Olmsted
<br />are hereby pledged for the prompt payment of both principal and interest
<br />d the bonds hereinbefore described in accordance with the laws and con-
<br />stitution of the State of Ohio.
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