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<br />ORDINANCE NC3- jj
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<br />Y BY M:r
<br />TO 'B4RROVi 140i1iY -AND ISSUE NOTE IN A1VTICIPATION'
<br />-OR` T-HE L-WY 'OF SPECIAL ASSESSMEIVTS e - --
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<br />MHEREAS, the Clerlc has certified to this Council, as providod
<br />by_ Section 2295-10 of the GenerAl -Cade df ?Ohio, that -an estimated 1ife of
<br />the i.inprovement hereinafter referred-to exceeds five years and that the
<br />maximun maturi:ty •of the nate- hereina£-ter referred to ?is.'two years, and
<br />WHEREA,S, this Council estimates and determines that the levy
<br />-of_-. sgecial, _asaessments fbr ;said -improvem.ent 4-ierelinafter specified, will,
<br />be •made as saon a's such impro;vement is comgleted and, VJiZl be `compu-?ed ?
<br />and certified f'or colzlection for- the fisaal- year 1928, and that bonds
<br />_ yvill be iss'ued in artticipation of the coll"ection of saia special assess--
<br />ments_.pxior -to ?he -date of maturi-?Ly, as provided 'by 1-aw: - Nov1 therefore,
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<br />BE IT ORDAZNED- BY TI? COUlVCIL DF THE VI-LLAGE OF 3:2AYFIELD,
<br />ST;?,TE _OF QHIQ, three-fourths -of a11 member.s elected° there'to Voncurr'in`'g: -
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<br />_ SECTION?1-. oThat it -is =deemed necessary an`d the, Mayor arrd
<br />Clerk_ are her.eby- aia.thoxized and direete& to issue and sell the note" of
<br />the Village of iV(ayfield in the principal, sum-of Four ThousAnd `Dol-1'ars
<br />($4,000a00) in anticipation of the levy of special assessments and the
<br />_-. issuance of;, bonds_as provided -by law,-particularly,5eetion 3914 of the
<br />General Code of O.hio., . in, order to provide a' fund with which to pay -the
<br />? .property owner ° so shar.e:- of the cost and expense -of impxoving S. 0 M Center
<br />Road by laying a siclewallc on the eASterly side thereof' between--a podj`t
<br />on the southerly boundry line of the Vi11age of Mayfield and apoint on
<br />the southerly 19.ne of Wilson Mill Road, in accordance irJith? and in the
<br />manner provided fbr by resolution adopted TJlay 24th 1926 and ordir_ance..
<br />-..?...'..,?.•>.a,:.,?-9:n ..x<..,,,.., ?.?.M ? ????•?.?
<br />passed pctober-llth 19c?6. "SECTION 2. That said note sha11 be issued in the sizm a#'ore-
<br />said and #'or the purpose ai'oresaid. Said note shall be designated
<br />"Property Share Itnprovement Note, and shall be dated the first day of
<br />October 1926; and shall draw interest as the rate of six per c.ent (6?)
<br />per annum, payable a,t. maturity, and shall mature and be due on-or before
<br />the first day of October,1928, at the option of the Council o'L said
<br />village upon wnitten notice to the purchaser-thei'eofo'
<br />.SECTION-3. Said nQte shaJ.l be prepared in the form directed
<br />by the Village Solicitor; shall be signed by the Mayo.r and Clerk and
<br />sealed witYi the PaTayor's seal; sha11 express upon its face the purpose
<br />for which it is issued and that it is issued pursuant to Section 3914
<br />of the Genera.l-Co_de of Ohio and the provisions of thos ordinaneee Said
<br />note shall be payable, both principal and interest at the of'fice of the
<br />Guardian Trust Company, in the City of Cleveland, and sha11 be sold at
<br />private sale under the direction of this Council.e.
<br />SECTION 4. That the proceeds of the sale of said note,
<br />except premium and accrued interest, if any, shall be placed in the
<br />Village Treasury to the eredit of"S 0 tJ! Center Road Improvement Fund
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<br />? . Said sum of money sha11 be disbursed upon proper vouchers
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