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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 />sin�3rig fund tax required by Section 11 of Article XII of the <br />Consti. tution. <br />Said tax shall be and is hereby ordered computed', <br />certified, levied and extended upon the tax duplicate and <br />collected by the same officers, in the same manner and at the <br />same time that taxes for general purposes for each of said <br />years are certified, extended and collected. Said tax shall <br />be placed before and in preference to all other items and for <br />the full amount thereof. The funds derived from said tax levies <br />hereby required shall be placed in a separate and distinct fund, <br />which, together.with all,interest collected on the same, shall <br />be irrevocgbly pledged for the payment of the interest and principal <br />of said bonds when and as the same fall due. <br />Section 5: That said bonds shall be first offered at <br />Par and accrued Interest to the Treasurer of the Village, and if <br />said officer refuses to take any .or all of said bonds, then said <br />bonds not so taken shall be advertised for public sale and sold <br />in the manner provided by law but not for less than their par <br />value and accrued interest; the bond sale-advertisement shall <br />state that any one desiring to do so, may present a bid or bids <br />for-such bonds based upon their bearing a different' rate of <br />interest than hereinbefore fixed, provided, however, that where <br />a fractional interest rate is bid, such fraction shall be-one- <br />quarter of one per cent or multiple thereof; the proceeds from <br />the sale of said bonds, except the premium and accrued Interest <br />thereon and the amount of said bonds issued for Interest, shall <br />be used for the purpose aforesaid and for no other purpose; the <br />premium and accrued interest received from such sale and the <br />amount of said bonds issued for interest shall be transferred to <br />the Bond Retirement Fund to be applied In the payment of the <br />principal and interest of said bonds in the 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 70 That 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, that this ordinance be passed at once and shall <br />take effect and be in force from and after its passage. <br />Passed: May 2 1950. <br />eZ <br />Cleric Mayor <br />I� I <br />�� j <br />