|
Section 5. Such notes shall be executed by the .Mayor and Vill Ce
<br />Clerk and bear the seal of the corporation. (Shall have coupons
<br />Baring 'the facsimile signature of ,. the Village: Clerk. ) Shall be
<br />designated "Public Building" and shall be payable at the office of
<br />the North Olmsted Bank in the Villa ge of North Olmsted,Ohio; . they
<br />shall express upon their face the purpose for which they are; is sue
<br />and that they are issued pursuant to this ordinance.
<br />Section 6. Said notes shall be= first `offere:d to the 'Sinking
<br />Fund Trustees ,o f the Village and:, so many of tho same as shall not
<br />be taken by said trustees-shall be sold at privata sale by the
<br />Villago Clerk, but for not less than par and accrued interest ther cm.
<br />(and the 'amount thereof necessary for the payment of .;interest prig
<br />to the maturity of said notes),,shall be paid into the proper fund
<br />and used for the purpose aforesaid and for no other purpose,, Any
<br />premium and accrued interest `(and -`thy; `amount necessary for` the `pay
<br />Itmeant of , in.terest prior to ' their maturity) 'shall be , transferre:d to
<br />the'trustees'of the Sinking Fund to bo applied by them in the pay-
<br />ment of principal and inter -st of said notes in the manner provide
<br />by law.
<br />Section 7. Said notes' shall be the full`'general obligations cf
<br />the Village and the: full'- faitli-p 'crodit and revenue` of said Village
<br />are-hereby pledged .for the prompt "payment .of `the same. The par
<br />value to be received from the sale of,the bonds anticipated by said
<br />notes and any excess fund'resulting- from 'the: issuance of said, note
<br />shall be the extent necessary to bu used only for the retirement ;o
<br />said notes at maturity, "tog6ther with interest thereon, and is here-
<br />by pledged for such purpose.
<br />Section $. During the year,-Or or years while such notes run there
<br />shall be levied on all the taxable property in the Village of North
<br />Olydsted,; in' addition to all other taxes' a, direct ° -tax annually` not
<br />less than that 'which would have been levied if bonds had been issu d
<br />without the prior issue: of such
<br />Said tax'" shall be and '3s hereby "ordered computed, certified, levies
<br />and extended upon tho,tax duplicate and collected by the,same: offi ers
<br />in''the same manner and at the same time that taxes for general, pur
<br />poses for each of said years are: certified, c xtended, and collect-d.
<br />Said tax shall' be placed before and in preference to all other ite' s
<br />and'for the full amount thereof. The funds derived from said tax
<br />levies Hereby raga.ir(d shall be; placed in a separate and distenct
<br />fund, which, together with the interest collected on the same,` sha
<br />be irrevocably pledged for the payment of the principal and interest
<br />of said, notes of the bonds in anticipation of.whi ch. they are; issue
<br />when and as the same: fall due.
<br />Section 9. The - Village - Clerk is hereby directed to forward a
<br />certified copy of this ordinance to the County Auditor.
<br />Section 10. That this. ordinance shall take effect and be in
<br />force from and after the earliest period allowed by law.
<br />261 passed October 2 192$ a d
<br />Section7il. That rdinance,No. , �
<br />Ordinance No. _241--passed February 4,, 1929 be and the same; ara he c:-
<br />by repealed.
<br />Read the first time � 11929•
<br />Idr y s e c onded by Mr, a,, hat the
<br />Moved by be read the
<br />statutory rule be suspended and that Ordinance N ©. 1
<br />second and third times immediately and put upon its, assage. The
<br />affirmative' vote on' said motion" was as follows: Biddulph, Bia '`p�ell,
<br />Christman, Seltzer., _ r, Stine.
<br />Thereupon the Ordinance was read the second and third timers and put
<br />upon its- passage and the affirmative vote thereon was as follows:
<br />Bic dulph _ Bidwell, Christman, seltzer, Gvi_- r Stine. f
<br />Ordinance., pass:d� Er. 1929•
<br />Approved and d by the Mawr,
<br />
|