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

Home Browse Search

which maturities are hereby determined to be in substantially equal annual installments. Sectiow. 3: That it-is.' necessary-and this council hereby determines that notes shall be issued in anticipation of the issue of sai.d: bonds. i Section: 4R That -such .anticipatory notes, in.. -the amount -of : 28,540.00 -,- whiWsum,does, n+at exceed'the amount of the bond issue' shall he' issued a bearing interest'_ at the ` rate of 'six' (6) .per" centuin per annwi, payable semi - annually; , Suc�notes :iball be` dated the- lst day-`of October, 19281. and` :shall j mature on the 1930, ( provided, however, that such notes siall be redeemable at any interest period). '.Such notes shall be executed and delivered in such number and such denominations,a.s, may be requested by,the. i chaser of ;`such bonds. _ :.. .. . . .. Section 5. Such notes shall "be-executed by the Mayor and Village Clerk and bear the Real of the corporation. (Shall have coupons bearing the fac- simile sio-nature of Village Clerk.) Shall be designated "Public; Build in and Fire - Apparatus ?Dotes "' and shall be ` payable at the off ice of the Worth , Olmsted Bank in the Village of, North Olmsted, Ohiop they shall express upon their face the purpose for which they are issued and that they are issued pursuant to thin ordinance. Section 6„ Said notes shall be first offered to the Sinking Fund `Truste s 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 c 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 -nronasr fund and used for the purpose aforesaid and for no other' purpose, Any premiu . and.accrued.;,interest.,(andthe amount necessary for the ;payment of interest pri r 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. ii Section 7, Said notes shall be the full "Weneral obligations of the' Village and' the full faith, credit and revenue of said Village are ` hereby `prompt pledged for the payment of the same, The par value to be 'received from the sale of the ' bonds anticipated by said notes and any excess fund resu ,.. ing 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 During the year or years while such notes run there shall be levied on all he taxable property in the Village of North Olmsted : in addi- tion to all other taxesp a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such bonds* =' Said tax shall be and is hereby ordered computed, certified, -levied and extended upon the tax duplicate and collected by, the sane officers, in the-, i, same manner and at the same time that taxes for general purposes for each of said years are certified, extended and collected. Said tax shall be placed before and in preference to all other, items and for the full amount thereof. The funds derived from said tax levies hereby required shall be- placed in a separate and distinct fund, which, together with the interest' collected on the same, shall be irrevocably pledged for the payment of the principal and 'intere t of said.no•Les 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 forwatd a certified copy of this ordinance to the County; Auditor, } Section 10, That this ordinance' shall take effect and be in force from f and after the earliest period allowed by law. y A.