Laserfiche WebLink
Section 5. Said 'note shall be ,executed by the Mayor <br />and the Village Clerk; shall bear the seal of the corporation; <br />shall be payable at the office of the Bank of Berea Company., <br />North Olmsted Branch, inthe Village of North Olmsted, Ohio; shall <br />express upon its face the purpose for which it is issued and-that <br />it is issued pursuant to this ordinance. <br />Section 6. All assessments collected for the improve- <br />ment aforesaid and unexpended balance remaining in the fund after <br />the cost and expense of said improvement have been paid'shall be <br />applied to the payment of said note and the interest thereon <br />until both are fully provided for. <br />Section 70 Said 'note shall first be offered to the <br />Treasurer of the Village and if not taken by said Village Treasurer <br />shall be sold at private sale by the Village Clerk, but for not <br />less than par and accrued interest, and the proceeds from such <br />sale, except any premium and accrued interest thereon and the <br />amount thereof necessary for the payment of interest prior to the <br />maturity of said note shall be paid into the proper fund and used <br />for the purpose aforesaid and for no other purpose. Any premium <br />and accrued interest and the amount necessary for the payment of <br />interest prior to their maturity shall be transferred to the <br />Sinking Rind to be applied in the payment of the principal and <br />interest on said note in the manner provided by law. <br />Section 8. Said note shall be'the full, general <br />obligation of the Village of North Olmsted and the full faith., <br />credit and revenue of said Village are hereby pledged for the <br />Prompt payment of the same. The par value to be received from <br />the sale of bonds anticipated by said note and any excess fund <br />resulting from the issuance of said note shall, to-the extent <br />.necessary, be used only for the retirement of said note at maturity, <br />together with interest thereon, and is hereby .pledged for such <br />Purpose. <br />Section 9. In the event that such assessments are not <br />levied or bonds are not issued to provide a fund for the payment <br />Of said funds at maturity, a general tax shall be levied against <br />all of the property of said Village for the payment of said note <br />and the interest thereon. <br />Section 10. The Villa,e'Clerk is hereby directed to <br />forward a certified copy of this ordinance to the County Auditor, <br />Section 11. This ordinance is hereby declared to be <br />an emergency measure, the emergency being that it is necessary <br />for the immediate preservation of public health, peace, safety <br />and welfare, and the daily operation of the municipal departments <br />Of the Village, that this ordinance be passed at once and shall <br />take effect and be in force from and after its passage. <br />Passed' September 60 1949. <br />er for <br />U <br />