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REsoLUTION 1Vo. 346 <br />By Ilh-. Hogkin.s <br />A RESOI,UTION ACCE$TTNG THE OFFER C?F' TBE, NATI4NAL CITY <br />BANK 0F GLEVELAND TO FXTEND THE MAT-M7'Y CF:$21,000*00 <br />?ATER , 11A2W _ IMPRQVENENT NOTE e . - . . _ . . . _ -• <br />MOEAS, a eerta:i.n note dated gtxgust 16, 1955.' in the amount of <br />$21,000.008 _ bear?.ng interest at the rate, of 2-2f 2h pex° annwn, and due one year <br />afterdate'c:was} gLven by the Village of I'Tayfield, Ohio, to the National, <br />City Banlz of Glevelands in order to obtain ftands f or the #sta].l,ation of a <br />water- main. in„ Hi.ghland Road, in antieipatian of tlie ! is sue of bonr3s a.rid the <br />levy of special assessments to pay the amount thereof; and <br />!?fiEREM, said note was not paid wnen dwe, because the Village <br />needs more time. in Ttihich to issue arid sell- a single is sue of bonds to pay <br />the amount of this note, and sinilax notes given by the v3.1J.age to pay foz° <br />the cost of constructing s3.milar improvements in SQM Center Road arid G].envietc <br />Road, whi.ch notes are not yet due; and <br />'WIMiREAS, The Nationa.l City Bank Qf Cleve]and by letter dated August <br />3rcls 19562 has agreed to extend the maturi.ty date of sa3.d $21,000.00 note <br />uritil. Jaritaary lst., 1957, with inuerest at 2-1/2ib pex° anriuny and has agreed <br />not to. charge the higher rate of !% per annum whi.ch it coul,d charge after <br />maturity under the terms of said note. <br />NOZ^T THEREFORE BE IT RES(IGVED BY THE COUNCIL OF THE VILT,AGE CF <br />? I0.7FIFLD, C UYAH.OGA C QiTNTY _ OHIO, THM, <br />, Sec. l. Council heY°eby accepts the offer of the National C1ty <br />Bank of C]eQe d. to exzend unti7. Jariuary lst, 1957, with intex°°est at <br />2-1/2% per annum, -the ma.turitg da.te of said $21,000,00 note dated gugust <br />16tl19..1955., and d.tie August 16ths 1956. <br />Seco 2. Th.is Resolution is hereby deerned to be an emergency <br />measure, necessaxy for the 'uanediate preservati.on of the public peacey <br />b.ealth, safety and we3fare of the Village of N?a,yfiel.d and its inhabitants' <br />, 3.n order that the credit of the Village be kept good asid that funds may <br />be available to pay for necessary_ unprovenents9 and this resolution shall <br />be in force and effect from and aftez° the da.te o£ its adoptior_. <br />Adoptsd this 20th day of A,ugust9 1956• <br />Attest: <br />-^ !J, <br />SEA . . . <br />Approved <br />Mayor Q . Preszdent -of ouncil . . .