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2. <br />Section 4. That for the purpose of providing the neces- <br />sary funds to-pay the interest on the foregoing issue of bonds, <br />promptly when, and as the same falls due and also to provide a <br />fund sufficient to discharge the said serial bonds at maturity, <br />there shall be and is hereby levied on all the taxable property <br />in said Village of North Olmsted, in addition to all other taxes, <br />a direct tax annually during the period said bonds are to run In <br />an amount sufficient to provide funds to pay interest upon said <br />bonds as and when the same falls due and also to provide -a fund <br />for the discharge of the principal` of said serial bonds, at <br />maturity, which tax shall not be less than the interest and <br />sinking fund.tax required by Section 11 of Article XII of the <br />Constitution. <br />Said tax shall be and is hereby ordered computed, certi- <br />fied, levied and extended upon the tax duplicate and collected <br />by the same officers, in the same manner and at the same time <br />that taxes for general purposes for each-of said years are certi- <br />fied, extended and collected. Said tax shall be placed before <br />and in preference to all other items and for the full amount <br />thereof. The funds derived from said tax levies hereby required <br />shall be placed in a separate . and distinct fund, which, together <br />with all interest collected on the same, shall be irrevocably <br />pledged for the' payment of the interest and principal of said <br />bonds when and as the same fall due. <br />Section 5. That said bonds shall be first offered at <br />ppar and accrued interest to the Treasurer of the Village, and <br />if said officer refuses to take any or all of said bonds, then <br />said bonds not so taken shall be advertised for .public sale and <br />sold in the manner provided bylaw but not for less than their <br />par value and accrued interest; the bond sale advertisement <br />shall state that any one desiring to do so, may present a bid <br />or bids for 'such bonds based upon their bearing a different <br />rate of interest than hereinbefore fixed, provided, ' however, <br />that where a fractional interest rate is bid, such fraction <br />shall be one - quarter of one per cent or multiple thereof; the <br />proceeds from the sale of said bonds, except the premium and <br />accrued interest thereon and the amount of said bonds issued <br />for interest, shall be used for the purpose aforesaid and for <br />no other purpose; the premium and accrued interest received <br />from such sale and the amount of said bonds issued for, interest <br />shall be transferred to the Bond' Retirement Fund to .be applied <br />in the payment of the principal and interest . of said bonds in the <br />manner provided by law. <br />Section 6, The Clerk is hereby directed to forward a <br />certified copy of this ordinance to the,County Auditor. <br />Section 7. That this ordinance is hereby declared to be <br />an emergency measure, the emergency being that it is necessary <br />for the daily operation of a municipal department of the Village <br />and for the immediate preservation of public health, peace, <br />safety and welfare, that this ordinance be passed at once and <br />shall take effect and be in force from and after its passage. <br />Passed: May 2,, 1950. <br />�.. er / ayvr <br />a0 <br />