Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1957-08-08

enL raCe OF interest Cnan here1n-
before specified, then the same
bonds shall bear such rate OF
interest as may be provided in
the resolution of Council approx
ing the award thereof. Said
bonds shall mature as follows:
$11, 500 on Deceber /, 1859;
$11 900 on December / in each
of the years 1860 to 1864, in
elusive; and
$12 900 on December / in each
of the years 1865 to 1867, inclu-
Sive.
Said maturitieS are hereby de-
termined to be in substantially
equal annual inStallmentS.
Sections. That said bonds shall
express upon their face the pur-
pose for which they are issued;
that they are issued in pursu-
ance of this ordinance and shall
be signed by the Mayor and
Clerk, and sealed with the cor
porate seal of said Village. The
interest coupons attached to
said bonds shall bear the fac
Simile signature of the Clerk.
Interest and principal of said
bonds shall be payable at the
legal depoSitary Of the Village,
presently The Chardon Savings
Bank Company, Chardon, Ohio.
Section A. That for the purpose
of providing the necessary funds
to pay the interest on the fore
going issue of bonds, promptly
when and as the same fall due
and also to provide a fund suffi-
cient to discharge the said serial
bonds at maturity, there shall
be and is hereby levied on all
the taxable property in S i d
Village of Chardon, in addition
to all other taxes, a direct tax
annually during the period said
bonds are to run in an amount
sufficient to provide funds to
pay the interest upon said bonds
as and when the same falls due
and also to provide a fund for
the discharge of the principal of
said serial bonds at maturity /,
which tax shall not be less than
the interest and sinking f u n d
tax required by Section IL of
Article XII of the Constitution
Provided, however, that in each
year when the assessments an
ticipated by said bonds are a.
vailable for the payment of such
bonds and are appropriated for
such purpose, the amount of
such tax shall be reduced by
the amount of the assessment so
appropriated.
Said tax shall be and is here
! by ordered computed, certified,
levied and extended upon the tax
duplicate and collected by t h e
same officers, in the same man.
ner and at the same time that
taxes for general purposes for
each of said years are certified,
extended and collected. S / d
tax shall be placed before and
: in preference to all other items
and for the full amount thereof
! The funds derived from said tax
levies hereby required shall be
placed in a separate and dis
tinct fund, which together with
all interest collected on the same
shall be irrevocably pledged for
the payment of the interest and
principal of said bonds when and
as the same fall due.
Section 5. That all inStallments
of said assessments and all por-
tions thereof, together with in
terest thereon, shall be applied
to the payment of said bonds
and interest as the same shall
become due and to no other pur-
pose whatsoever.
Section s. 1t is hereby deter
mined that all acts, conditions
and things necessary to be done
precedent to and in and for the
issuing of said bonds in order
to make them legal, valid and
sinding obligations of the Will
age have been performed in reg
ular and due form as required
by law; that the full f n
credit and revenue of said VIII
age shall be and are hereby IT.
revocably pie dyed for the
prompt payment of the princi-
pal and interest thereof at ma
turity; and that no limitation
of indebtedness or taxation, eth
er Statutory or constitutional.
will be exceeded in S u | n
said bonds.
Section 7. That said b n d
shall be first offered at par and
accrued interest to the officer
in charge of the Bond Retire.
ment Fund in her official ca.
pacity, and if said officer re-
fuses to take any or all of said
bonds, then said bonds not sc
taken shall be advertised 70
public sale and sold in the man
ner provided by law. The pro-
ceedS from the sale of d
bonds, except the premium and
accrued and capitalized interest
thereon, shall be used for the
purpose for which said b d S
are issued and for no other pur-
pose; the premium and accrued
interest received from such sale