1928 093 Ordinance - Laserfiche WebLink

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from whom said sum is borrowed, not exceeding.in the aggregate said sum of Thirty-nine Thousand lolla.rs (4p39,000000); and that said nbte or notes shall be designated as '!Mayfield Property Oamer's Portion Improvement Note'T; shall be dated the day of their execution and shall draw interest at not to exceed six (6) percent per annum,.payable annuall.y and shall be due and pay- able on or before one year from the date thereof. SECTIOIJ 3. Said note or notes shall be prepared by the Village Solicitor, sio ed by the Mayor and Clerk and sealed with the Nayor's seal. Said notes shall express upon their face the:i, purpose for which they are issued and the fact that they are issued according to laiv and this ordinance; shall be payable, both principal and interest at the office of The Guardian Trust Cornpan,y, Cleveland, Ohio, and delivered under the direction of the village Clerk. SECTIDN 4. That upon the sale of said note or notes, an,y pre- mium and accruecl.interest, and a sum sufficient to pay the interest upon notes prior to the levying and collection of special assessments, sha11 be paid into a special fund for the payment of said notes and interest thereon. The par value received from the sale of said notes less such amount as it is necessary for interest, shall be placed in the Villaoe Treasury to the credit of "May field Property Qwner!s Improvement Fund" and ehall.be disbursed from the said fund on proper v rnzchers, in paynent of the work aforesaid in the following arnounts for sum improvement. _ Beech Hill Road and sp ec ial 415, 000.00 tiVilson Mills Road S.O.l?fi. Center Road ? y?24,000.00 Glenvievr Road ? Seneca Road ? SECTIOnT 5. It is hereby determined that the bonds oi the Villa,ge of Mayfield vri11 be issued in a.nticipation of the collection of spe- cial assessments for the'improvement of th e street or streets hereinbefore desio ated and the proceeds of the sale of sale of bonds shall be used onl.y for the payrnent of the note or notes issued pursuant to this ordinance and all of the assessments m. herein authorized and the interest thereon, until it or they are fu17.ij paid and thereaf'uer shall be appliedato the payrnent of said bond and notes thereon, SECTION 6. That the faith, revenue and credit of the Village of Ma.yfield, Ohio, are hereby pledged for the prompt payment of principal and interest on the note or notes herein authoriZed, in accordance with the la.iRrs and the constitution of the State of Ohio. SECTION 7. If for aiV reason the assessrnents for said im- provement shall not be levied or shall not be collected or paid, or bonds shall not be issued in anticipation of'the coll.ection of said assessments, then and in that event there snall be and it is ordered to be levied on all the taxa.ble property in the Village of Mayfisld in addition to all other taxes, a direct tax sufficient to provide funds for the payment of the prin- . cipal and interest upon the taxduplicate and collected b.y the same officers, in the same marnler and at the same time that taxes for general purposes are. certified, eYtended and collected. The proceeds fr an said taxes sha11 be ? placed in a, seParate and distinct fla.nd and used only for the paytnent of said indebt eft@s s.