(A) (1) A Debt Retirement Fund is hereby established as required by R.C. § 5705.09, to facilitate the receipt, disbursement, and repayment of $100,000 obtained by the village through Star Bank of Cincinnati, on July 18, 1997, for the purpose of improving the village municipal building.
(2) These funds shall be retired through three equal payments over a three-year period, commencing with the first payment on July 18, 1998. This does not prohibit debt retirement at an earlier date if resources are available.
(Ord. 19-97, passed 10-7-1997)
(B) (1) A Debt Retirement Fund is hereby established as required by R.C. § 5705.09, to facilitate the receipt, disbursement, and repayment of $400,000 obtained by the village through U.S. Bank of Cincinnati, on January 18, 2007, for the purpose of purchasing and renovation of property within the village.
(2) These funds shall be retired through bi-yearly payments over a ten-year period, commencing with the first payment on June 18, 2007. This does not prohibit debt retirement at an earlier date if resources are available.
(Ord. 04-07, passed 3-13-2007)