1951 383 Ordinance - Laserfiche WebLink

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Ordinance No. 383 Page #2. Board of Education property in said Mayfield Village, by the installation of a water main and appurtenances therein in the sum of Four Thousand Three Hundred (~I~,300.00) Dollars; all in accordance with plans and specifi- cations of each such proposed improvement heretofore prepared by the Village Engineer and now on file in the office of the Clerk of Mayfield Village, Ohio. Sec. 2. That said bonds of the Village of ~bayfield, Ohio, shall be issued in ire -principal sum of One Hwndred Six Thousand (106,000.00) Dollars for the purposes aforesaid. Said bonds shall be of the denomination of one thousand dollars (~1y000.00) each and shall be dated Larch 1, 193; shall bear interest at the rate of two and one-half percent (2~) per annum, payable semi-annually on the first day of June and the first day of December of each year, commencing June 1, 1953, until the principal sum is paid, and shall mature in their consecutive serial order as. follows: Ten thousand (10,000.00) dollars on Dec: 1st in each of the years 195. to ,1957, both inclusive, and eleven thousand (11,000.00) dollars in each of the years 1958 to 1963, both inclusive, which maturities are hereby deemed to be substantially equal annual installments. Sec. 3o That it is necessary and this Council hereby determines that notes s-Fia~~be issued in anticipation of the issuance of said bonds. Sec. ~.. That such anticipatory note in the amount of One Hundred ` Six Thousand 6,000.00) dollars, which sum does not exceed the amount of the bond issue, shall be issued' bearing interest at the rate of two and one-half percent ( 2~~) interest per annum payable at maturity or redemption. Such note shall be dated the day of its execution, and shall mature on or before the 15th day of April, 1953, provided, hovrever, that such note shall be redeemable at ar~p time prior to maturity by said Village of Mayfield. Such note shall bear interest at four percent ( ~.o) after maturity. Sec. 5. Such note shall be executed by the Mayt~r and Village Clerk and be~ ar the seal of the corporation. Said note shall be designated tM]'ater Main Improvement Note of 1952~t and shall be payable at the Main Office of the National City Bank, Cleveland, Ohio. Sec. 6. Said note shall first be offered to the officer having charge of fond Payment Fund of this Village, and so many of the same as shall not be taken by said officer shall be sold at private sale by the Village Clerk, but not for less than par and accrued interest, and the proceeds of such sale, except arty premium and accrued interest thereon, shall be paid into the proper fund a.nd used for the purposes aforesaid and for no other purposes. Any premium and accrued interest shall be transferred to the Bond Payment Fund to be applied on the payment of principal and interest of said note in the manner provided by law.