1953 447 Ordinance - Laserfiche WebLink

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about 1801 feet, but to the South line of a 22 acre parcel of land now or formerly owned by Jessie H, Worts, being approximately 2257 feet frorn the center line of tiVilson Mills Road, in said Village, by the installation of a water main and appurtenances therein in the sum of ~p22;,~~.0;00,_:anc~:~or• the purpose of improving tiVorton Park Drive in the Village of i~2ayfield, io, from ~rVilson ?~tii11s Road to the end of the dedicated street, which is 1315.160 feet from the South line of V~ilson ~TiLs Road by the construction of a water main and appurtenances therein, in •the sum of X12,560.00; all in accordance with the plans and specifications of each.s uch proposed improve- ment heretofore prepared by the Village Engineer and now on file in the office of the Clerk of the Village of Mayfield. Sec. 2. That said bonds of the Village of P~7ayfield, Ohio, shall be issued in tie-principal sum of X35,000,00 for the purposes aforesaid. Said bonds shall be of the denomination of X1,000.00 each and shat be. dated March 1st, 195., shall bear interest at the rate of 3-1/2~ per annum, payable semi-annually on the 1st day of June, and the lst.day of December - of each year commencing June 1, 195t~, until the principal sum is paid, and shall mature in their consecutive serial order, as follows: Three Thousand Dollars ( ~~3~000®00) on December 1st in each of the _ years 1955 to 1959, both inclusive, and Four Thousand Dollars ( $~I~,000.00) on December 1st in each of the _ years 1960 to 196., both inclusive, which maturities are hereby deemed to be substantially equal annual installments. Sec® 3. That it is necessary and this Council hereby determines -that notes shall,be issued in anticipation of the issuance of said bonds. Sec. 1~. That such anticipatory note in the amount of Th.i_rty--Five Thousand Do ars ($a35~OC0.00), which sum does not exceed the amount of the bond issue, shall be issued,.bearing interest at the rate of not over 3~ interest per annum paayable at maturity or redemp-tion® Such note shall .be dated the day of its execution and shall mature on or before one year after the date of its execution, provided, h.ov~rever, that such note shall be redeemable at arty time prior to maturity by the Village of nllayfield. Such note shall bear interest at not exceeding 5~ after maturitye Sec. 5. Such note shall be executed by the L'layor and Clerk of the Village o- f~ayfield and bear the s~;a~. of the corporation. Said note shall be designated "Water Main Improvement Note of 1953 No. 2t1 and shall be payable at the main office of the National City Bank of Cleveland, Ohioo Sec® 6® Said note shall be first offered to the officer having charge of t~ierBond Payment Fund of the Village of Mayfield, 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