1980 030 Ordinance - Laserfiche WebLink

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shall be dated approximately May 1, 1981; shall bear interest at a rate now estimated to be nine and five-tenths per centum (9.5°,~) per annum, payable semiannually until the principal amount is paid; and shall be drawn to mature in ten (10) substantially equal annual installments after the issuance thereof. Section 3. That it is necessary and this Council determines that a note (the "Note") in the principal amount of One Hundred Ten Thousand Five Hundred Dollars ($110,500.00) shall be issued in anticipa- tion of the issuance of a like principal amount of the Bonds and the levy and collection of said special assessments for the purpose afore- said. The Note shall be executed by the Mayor and the Director of Finance; shall bear the seal of the Village; shall bear interest at the rate of nine per centum (9°~) per annum, payable..at maturity and, in the event of default, ten and five tenths per centum (I0.5~) per annum thereafter until the principal amount is paid; shall be dated May 2, 1980; shall mature on May 1, 1981; shall be redeemable at the option of the Village prior to maturity at par plus accrued interest to the date of redemption; shall be designated "Echo Drive Special Assessment Note"; shall express upon its face the purpose for which it is issued and that it is issued pursuant to this Ordinance; and shall be payable as to both principal and interest at the office of the Director of Finance, Mayfield Village, Ohio. Section 4. That the Note shall first be offered to the officer in charge of the Bond Retirement Fund for investment in such~Fund and, if rejected by such officer, shall be and is hereby awarded and sold to Central National Bank, at the par value thereof and the Director of -3-