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<br />ORDINANCE NO:
<br />_ By Mi. Lewis. . ' • - .
<br />T0 ISSL7E NOTE IN &IiTTICIPATION OF. THE ,
<br />COLLECTIODT OF SPECIAy ASSESSMINTS FOR
<br />THE IN PROQMNT OF S:O:Ni.GIINTER ROAD ,
<br />BY.CONSTRUGTION OF SIDEWAI,KS ON THE
<br />. WESTHRLY SIDE TEiEREOF NO&TH OF b?iI?SON'. ,
<br />- lYITI?I,S ROAD.
<br />WHF:RFkS, the Clerk has eertified to this Council, ae provided by
<br />Section 2293-10 of the General Code of Ohio;.that the eatimated life of the
<br />imvrovement hereinafter referred to exceeds five yeaa^s, and that the maximum
<br />inatur.ity of the note hereina,fter referred to i.s two years, and, .
<br />WHE'REAS,. this .Council- estimates and determines t.'aat the levy of
<br />special assessments fgr said 3uipxovements hereinafter specified, will be
<br />made as soqn as snzch impro?eanents a,re completed and will be comp?ated an3
<br />certified for collection for the fiscal year 1930,-aszd that bonds will be
<br />issned in anticipation.of.the. collection.of said special aesessments priox°
<br />to date of maturity as provided by law. Now, therefore, :
<br />BE IT ORDAINEA, by the Couzicil of the gi11age of N?ayfield,
<br />' State of Ohio., three-foug°ths of.e,11 member9 eleeted thereto, eonaurringo
<br />SECTION 1. That it is¢ deeined necessaay and the Nfayor a,nd Clsrk are
<br />hereby authorized and directed to issue and sell the note of the gillage of
<br />--? - Mayfield in theprincipal stun of 0780.00 in antieipation of the levy of specisl
<br />assessments and the issuance of bQnd as providedeby la,7, particularly
<br />Section 2293-24 of the General Code of Ohia, in order to provide funds w3th
<br />which -to pay the. property ovQn.erat sha.re of.the cost and egpense of improving
<br />S.O.M. Center Road by la-y$rcg a sidewalk on tne westerly side thereof betsveen
<br />Wilson Mills Road to the North 13.ne of the Board of Dd.ucation Property, in
<br />accordance with and in the ma.nner provided fox° by,;Resolut-ion No.417 ;-.. -adopted
<br />September 17, 19280
<br />SECTION 2. That said note shall be issued in the suna aforesaid and
<br />foa the purpose a,foresaid. Said note ahall be designated "Property Owmeas
<br />Share Improvement Note-S.O.MeCenter Sidewalk Improvement No.211, and shs;ll be
<br />dated October 220 1928s and sha11 draw intex°est at the rate*of 6% per annum,
<br />payable arasually; and,shal1 matuxe and be due on or before the 22nd da,y of
<br />OCtober; 1930, at the option of the Eouncil of this'Pillage npon written notice
<br />to the purchasex thereof. ,
<br />SECTION 3, Said note shall be pxep&red in the form d.irected by the
<br />Village Solicitox; shall be signed by the Mayor and Clerk and eealed with the
<br />a],erk's sea19 shall express upon its faee the purpose for wr,ic# it is issued
<br />and that it is issaed pursuant to Section 2293-24 of the Gerieral Code of Ohio
<br />and 'the pro4isions of this Ordiriance. Said note shall be payable,; both
<br />principal a,nd interest at the Office of the V'i11a,ge Treaeurer, .N'yfield, Ohio,
<br />and shall be sold at paivate sale under the c3irection of this Gouncil.
<br />SECTION 4: That the proceedg of the sale of sa,id note, except -
<br />premirm and a,ecxued interest, if ary, shall be placecl in the -Village Treasury: ?
<br />to the eredit of "S.O.M.Center Sidewalk Improgement.Fuid No.210. Said sum of
<br />money shall be dispexsed upon propex vouchers for the purpose aforesaid and for ,
<br />no other purpose. The premium and accruecl interest, if any, shall be tra.nsferred
<br />to the Sinking Ftznd Trustee.s to be applied by them in accordance with law.
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