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

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le October 1, 1930. . *349906 2. October 10 1931 9 250.00 39 October 1, 1932. 250.00 4. October 1, 1933 250.00 5, October 1, 1934. . . .,.. . 250.00 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 interest, at the office of the ,�� C�.�1 c.�c- •C..� -� and shall bear such consecutive num- bers as said committee or the proper officers 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 a different,rate of interest than hereinbefore fixed, provided, however, that where a fractional V 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 year's interest, any premiums and the accrued interest realized' therefrom,` shall be paid'to. 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 "Macbeth Avenue Sideymlk Improvement Fund" and shall be dis- purse from s id fund'on- proper vouchers, in payment of notes issued pur- suant to No. Sol passed June 50 119 28 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 bond §'issued pursuant to this ordinance is hereby appro- priated. j 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 ( of the bonds hereinbefore described in accordance with the laws and con - 3 stitution of the State of Ohio.