1953 451 Ordinance - Laserfiche WebLink

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Ordinance No. 151 By Mr. Scheuring Sec. 2. That said bonds shall be dated march lst, 195l~, shall bear intere~~ow estimated at three and one-half per cent~un (3-1/2~) per annum, payable semi-annually and shall mature in ten annual installments after their issuance. Sec. 3. That for the purpose of raising money irb anticipation of the levy o p cial assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assessments for the improvement of the above-named streets by construction of water mains therein with appurtenances thereto, in accordance with the legislation heretofore passed by the Village Counci3:"with respect thereto, to pay the property ownersa share of the cost and expense of said improvement, it is hereby declared necessary to issue-and there shall be issued notes of said Village in the amount of ~p31, 600.00. Sec. lt.. That such anticipatory notes in the amount aforesaid sha1.1 be issued beaming interest_at such rate not exceeding three per eentum (3~) per annum as may be fixed by the Village-Clerk in his award of said notes at private sale, such interest to b e payable at maturity. Said notes shall be dated as of the day of issuance and shall. mature on or before one year from such date. Such notes shall be executed and delivered in such number and such denominations as may be requested by the purchaser thereof. Said note shall bear interest at the rate of 5~ per annum after maturity. Sec. 5. Such notes shall be executed by the Mayor and Village Clerk and be-the seal of the corpora.tion® They shall b e payable at the Main Office of the National City Bank of Cleveland, Ohio9 they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Sec. 6. All assessments eo]lected for the improvements aforesaid and unexpencTce alances remaining in the funds after the costs and expenses of said improvements have been paid, shall be applied to the payment of said notes and the interest thereon until both are fu]ly provided for. Sec. 7. Said notes shall. be first offered to the Treasurer as officer in charge of the Bond Retirement ~und~. and so many of the same as shall not be taken by said fund shall be sold at private sale by the Village Clerk for not less than par and accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon ( and the amount thereof necessary for the payment of interest prior to the maturity of said notes), shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby appropriated® Any premium and accrued interest ( and the amount necessary for the payment of interest prior to their maturity) shall be transferx°ed to the bond retirement fund to b e applied in the payment of principal and interest of said notes in the manner provided by law.