1923 040 Ordinance - Laserfiche WebLink

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of September, 1924 and vvill require $850.00 for 3nterest until such taxes wre collected snd availableo Now, therefore BE IT ORDAIPIED by the Council of the s1'il7.age of P,4a.yfield, S-tate of Oh.a.o, -tz°ro-thirds of a1.1 members elec-ted -thereto concurra.ng; SECTION 1. That it is deemed necessary to issue the bonds of the Vi11age of Ivlayfield, CuJahoga County, phio, in the grinci.pa1 sLUn of Twleve Thousa.r_d Dol].ars ($12,000,00) in ordor to provido a f'wnd for the purpose of ereeting or pvxcYira,sing works foi the genera- tion and transmission of el.ectricity and for supp7.ying electricity to this corpora,tion and the inhabitants thereof. SECTTOIti 2. Tha•t bonds of the ViJ.lage of bTay:£ield, Ohio sha11 bo issued in the principal sum of 1142,000000 for the puxpose aforesaid.. Said boizds shall be nriunbered f'rom One to- Bvleve, both inelusive; each of said bonds shall be in the denomination of ti;s19000.00' and said bonds shull be dated September .lst,1923, and shall bear interost at the rate of six per centum (6/) per annun, payable semi- r?.?.nnually on the first days of Apri1 and October of each year beginning April,1924, until the principal stun is paa.d. Saa.d bonds sha11 maturQ as fo11o8rs; Ono Bond on Oc-tober 1st in each of the years froin 1924 t0 1935, both inclusive, vvhicr matuxities axe hereby datermined to be in sub- stantialJ.y equal annLUal instalJ.rnents. - The principal and in.terest of all of said bonds sha11 be payablo a-t the office of The Guardian Savings E; Trust Companf, in the City oi Cleveland, Ohio. SECTION 3. That sai.cl bonds shp-ll express upon their face the purpose #'or 1,rhich they a-re issued; that they are issued iiz pur- sLance oF th.is ordinance and Sraii be signed iay the hiayor ar_d C1erk, and sealed vritli the corporate seal of said village. The interest coupons attached to said bonds slzall bea.r the facsimile sig-na.ture of the Clerk. 2