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ORDINANCE No. l~18 - 1952 By Dr. Waltz AN EMERGENCY ORDINANCE PROVIDING FOR THE ISSUE OF A NOTE BY THE VIZLAGE OF HAYFIELD, CUYAHOGA COUNTY, OHIO, IN ANTICIPATION_OF THE ISSUE OF BONDS FOR THE.PURPOSE OF.~1'ROVING S.O..H. CENTER ROAD FROM THE CENTER LINE OF ViIZLSON ]frHLZS ROAD SOUTHERLY ^10 THE SOUTH CORPORATION LINE OF HAYF~r.n VILLAGE BY TIC. INS^1ALLATION OF A. WATER MAIN. AND APPURTEPtAANCES THEREIN, AND DECLARING THE NECESSITY OF THE ISSUANCE OF BONDS OF THE U1ZLA.GE OF HAYFIELD FOR SUCH P~RFOSE. WHEREAS, this Council fotuld it necessary to a.mprove SOH Center Road by the installation of a water main therein pursuant to Resolution No. 199-1952, adopted January 21, 1952, and "WIiEREAS, this Council determined to proceed with the improvement of S.O.M. Center Road by the construction of a water main a,nd appurtenances therein pursuant to Ordinance No. 106-1952, passed Hay 19, 1952, and WHEREAS, this Council has requested the fiscal officer of the Village of Mayfield to issue her certificate as to the estimated life of the improvements to be constructed from the proceeds of the bonds hereinafter referred to, and of the note to be issued in anticipation of such bonds; and as to the map;m~ maturity of said bonds and notes, and the fiscal officer of the Village of Mayfield has certified to Council such estimated life as exceeding ten (10) years, and has further certified the m~x~mum maturity of such bonds as forty (~.0) years, and such note as two years, and V,~iEREAS, this Council desires to provide for the issuance of a note in anticipation of the issuance of bonds for the purpose of making said improvement, NO~~~T, THEREFORE, BE IT ORDAINED BY TH.E COUNCTI, OF THE VIZLAGE OF HAYFIELD, STATE OF OHIO: Sec. to That it is deemed riecessa.ry to issue the bonds of the Village of Hayfield, 0~' o, in the principal sum of T~renty-Nine Thousand (~29?000.00) Dollars in order to provide a fund for the purpose of improving S.O.H® Center Road from the center line of Wilson Hills Road southerly to the south corporation line of Mayfield Village by the installation of a water main and appurtenances therein in the sum of Twenty Nine Thousand 029,000.00) Dollars, a]1 in accordance with the plans and specifications of such proposed improvement heretofore prepared by the ViLage Engineer and nor on file in the office of the Clerk of Mayfield Village, Ohioe Sec. 2. That said bonds of the Village of Mayfield, Ohio, shall be issued in the principal sum of Twenty Nine Thousand 029,000.00) Dollars for the pus°poses aforesaid. Said bonds shall be of the denomination of one .thousand dollars 051,000000) each and shall be dated May 1, 1953; shall bear interest at the rate of two and_one-half (22~) per annum, payable semi-annually on the first day of June and the first day of December of each year, commencing December 1, 1953, until the principal sum is .paid, and shall mature in their consecutive serial order as follo~rt~s: Tv~ro thousand (.~~2,000.00) dollars on December first in the year 195t~ and Three. Thousand 03,000.00) Dollars on December first in each of the years 1955, to 1963, both inclusive, which maturities are hereby deemed to be substantially equal annual installments.