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North Olmsted Legislation
Legislation Number
misc.
Legislation Date
4/15/1952
Year
1952
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part of said bonds; grovided, hmwever, that if said bonds are sald <br />bearing a di.fferezxt rate of i.nteres? than hereinbefcrre specified, <br />such boncls shall kear such rate of interest as may be prcavided for <br />in the r?soluti.on of council. ?pproving the awarci thereaf, Pr3ncipal <br />and inter???? ???al1 be gayable at the ???tional City 13ank of C1??eland, <br />Ohica, Narth Olmsted Branch, in the City of Nortli Olmsted, s?hica. <br />o,?ct3.on 3, For the purpose of preaviaing the necessary furads <br />ta pay ttie interest on the for+ago3.ng issue of bonds pramptly when anc? <br />?s the same fa1ls due, arzd also to provide a fun? suffic3.ent to dis- <br />charge the said serial bc?nds at maturitp, there sh,a1l be and is here- <br />by levieci oz? al1 taxable gro??ty in t??e Gity of North Olmsted, in <br />addition ta aI.1 other taxes, a direct tax annually duri,rzg the peri.od <br />said bonds are to run, in an amqunt su,ff'i.cient tci prc?vide fuund.s to <br />pay tiae interest upon said bonds as and when the saane shall fa1l <br />due, and also to pravide a fund for the dischaarge of the pri?ciga1 <br />of said serial bonds a? maturity, -ohi+?? tax sha11 not be 1ess than <br />the inter??? ?nd sinking funa tax required by Soct3:on 11 of Artic1e <br />.,Ui o?.`` the ?%onstitut3.on. Provided, howeve?? ???t in each year that <br />the assessmen?s antf.cipated '?? said bonde are payable and are ap- <br />plicable to the payment of such inter+??t and principal and are ap.» <br />propriated for such purgose, the amou?? ?f such tax sha11 be re- <br />ciu??d by €>he amount of the assessment so appropriated. <br />6aid. ?? sha1l be and is hereby ordered camputedi, certified, <br />levied and extended upoxz tbe tax auplicate and cvllecte+d by the <br />same offi.cerw, in the same manner and at th? same t3.nie that taxes <br />far gen?ral pvYrpe+ses for eac'ra of ?aid years are certified, extezaded <br />and co11ect?ed. ?aid tax sha1.1 be placed be:fare and in preference <br />ta a11 athsr iteiis and for the ful.l amaunt thereof. The funds de^- <br />r3.vcd fram said tax levi?s hereby required, shall b? placed in a <br />separat? and distinct fund, wh3ch, together w3.th the 3.nterest <br />collect+ed can the same shal1 °?e irrevocablY gledged for the payment <br />of prin+cipal and intereat of said bonds when and as the same €a1l d.ue. <br />S+action 4» The Cl.erk is her$by authorized ??d d3.rected to <br />certify a copy of this ordinance tc> the Auditor of Cuyaheaga County, <br />Ohiv, according to law.
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