|
IM
<br />�?
<br />1. October 19 1931 . . .1323.80 6. October 1, 1933. ..0500600
<br />29 October 1, 1931 . .,. 500000 7. ,October 10 1934. . 5000,00
<br />3. October 10 1932 . . .. 500.00 89 October 1, 1934. .500.00
<br />4. October,l, 1932 . . 500.00 9.:Ootober 1, 1935. .500000
<br />5. October 1, 1933 .,.. 500.00 10..Octobor 1, 19351. . 500s00
<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 />7,
<br />they are issued pursuant to law and this ordinance; shall be payable, both
<br />principal and interest, at the office of the North Olmsted Bank Company
<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
<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 />t
<br />bid or bids for such bonds based upon their bearing a different rate of
<br />I
<br />interest than hereinbefore fixed, provided, however, that there 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 />"Summerland &venue'Slagging Improvement Fund" and shall be dis--
<br />urse fr s i,ds Fund on proper _ vouchers, in payment of notes ` issued pur -
<br />suant to m` rho 263 passed November 15;' 19 27 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 expen$e
<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 />be correspondingly reduced by the omission of so many thereof as shall
<br />equal the amount of assessment so
<br />Q 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 of North Olmsted
<br />are hereby pledged for the prompt payment of both principal and interest,
<br />AI
<br />of the bonds hereinbefore described in accordance with the laws a.nd,con-
<br />stitution of the State of Ohio.
<br />
|