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,~ ~ ORDINANCE No, 1~6~. By Nirm Svranson TO PR~IVIQE FOR THE ISSUE OF NOTES IN ANTICIPATION OF THE LEVY OF_SPECIAL,ASSESSIUTENTS AND.IN.ANTICIPATION OF THE. ISSUANCE OF BONDS IN ANTICIPATION OF THE.COLLECTION.OF SPECIAL ASSESSMENTS FOR. THE I~'ROVE~tT OF SENECA ROAD. .WHEREAS, the Council of the Village of IaIayfield has heretofore by legislation declared the necessity of improving SeXieca Road"by constructing an 8-~ water main and appurtenances therein' NOb'V, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD: .. _ Sec, to That it is hereby declared necessary to issue the bonds of the Village in the principal sum of X13,300.00 for the purpose of raising money in anticipation of the-collection. of special assessments for the improvement of Seneca Road from SOM Center Road in axi. Easterly direction to the lifesterly line of Beach Hill Road by the construction of an 8~~ water main with appurtenances therein'_as provided for in Resolution No. 228 passed on the 17th day of August, 1953. ~~. f Sec. 2, That said bonds shall be dated ._ Ju~:y' lst, 195., shall bear ~ interest now estimated at three and one-half per centum (3-1~2~) per annum, payable semi-annually and shall mature in ten annual installments after their issuance, Secm 3® That for the purpose of raising money in anticipation of the levy of spec 1 assessments and in anticipation of the issuance of. bonds in anticipation of the collection of special assessments for the improvement of the above named street by constructing a water main therein with appur- tenances thereto, in accordance with the legislation heretofore passed by the Vil7.age Cciuncil with respect thereto, to pay the ~xoperty owraers~ 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. ~13s300®~• Seco 1;.o That such anticipatory notes in the amount aforesaid shall. be issued bearing interest at such rate not exceeding three per centum f3~) per annum as may be fixed by the Village Clerk in his award of said notes .at private sale, such interest to be 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. ` Seco 5~ Such notes shall be executed by the Mayor and Village Clerk ~. and bear the seal of the corporations They shall be payable at the Main Office .of the National City Bank of C].eveland,.Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinanceQ