01-05-1943 to 02-06-1951 Ordinance 620 to 869

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2. subject to the qualification that interest at the rate of 31% per annum for the period prior to the collection of the first installment shall be included in said respective amounts and the amount necessary to pay interest is hereby appropriated for the payment thereof, and for no other purpose, and the respective amounts above set forth shall be reduced by the pro portionate amount for the payments of interest. Section 4. That such anticipatory notes in the, amount aforesaid shall. be issued bearing interest at the rate of three and one- half per cent'(32 %) per annum, payable at the maturity of said notes; said notes shall 'be dated June 1, 1949, and shall mature on May 31, 1950; such hotes shall be executed and delivered in such manner and such denominations as may be requested by the purchaser of said notes. Section 5. Said notes shall be executed by the Mayor and the Village Clerk; shall bear the seal of the corporation; they shall be payable, at the office of the Bank of Berea Company, North Olmsted Branch, in the Village of North Olmsted, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. All assessments collected for the im- provements aforesaid and unexpended balances remaining in the funds after the cost and expense of said improvements have been paid shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Section 7. Said notes shall first be offered to the Treasurer of the Village and so many of the.same as shall not be taken by said Village Treasurer 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 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 proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest and the,amount necessary for the payment of interest prior to their maturity shall be transferred `. to the Sinking Fund to be applied in the payment of the principal and interest on said notes in the manner provided by law. Section S. Said notes shallbe the full, general obligations of the .Village of North Olmsted and the full faith, credit and revenue of said Village are hereby pledged for the, prompt payment of the same. The par value to be received from the sale of bonds anticipated by said notes and any excess fund resulting from the issuance of said notes shall,to the extent necessary, be used only for the retirement of said notes . at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 9. In`the event that such assessments are not levied or bonds are not issued to provide a fund for the Payment of said funds at maturity, a general tax shall be levied against all of the property of said Village for the payment- of said notes and the-interest thereon. Section 10. The Village Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 11. This ordinance is hereby 'declared to be an emergency measure, the emergency,` being that it is necessary for the immediate preservation of public health, peace, 'safety and:.welfare, and the daily operation of the 'municipal depart- menu ,`'of the Village, that this ordinance be passed at once and shall,: take effect and be in force from and after its passage. Passed: May 31,' 1949 lark Mayor