1955 507 Ordinance - Laserfiche WebLink

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appurtenances and to cover the remainder of the property owners portion of the cost of said improvement, in accordance with resolution No. 223, adopted July 21, 1953, and to provide a fund for the payment of the cost and expense in anticipation of the collection of special assessments herein levied for the .improvement of Seneca Road in the Village of 1'~.yfield from S0~ Center Road in an Easterly directior_ to the ti~esterly line of Beach Hill Road by the construction of a water main and appurtenances and to cover the remainder of the property owners' portion of the cost of said improvement, in accordance with Resolution Noo 22$, adopted August 18, 1953; It is necessary to issue and sell special assessment bonds of the Village . of I~~.yfield, Ohio, in the sum of 18,650.00, which amount includes an amount estimated to be sufficient to pay the first year's interest on said bonds. - Sec. 2. That said bonds shall. be numbered l to )~8 inclusive, shall be dated une 1, 1955 sou bear interest at 3-1~2i~ per annum, payable semi-annually on the 1st days of June and December. of each year, beginning June 1st, 1956, shall be of the .denomination of ~p1,000.00 each, except that bond No. 1 shall be in the amount of 1650.OO,.and shall mature as folloTfrs, which maturities are hereby detea~nined to be substantially equal annual installments, to-V~ri.t- X3650.00 on December 1st, 1956; X5000.00 on the 1st day of December in each of the years 1957 to 1965, both inclusive. Sec. 3. That said bonds shall be designated "Water 1``lain Bonds of 1955", shall be signed by the 1'~ayor and Clerl:, shall be sealed tirith the corporate seal of said Village, and the interest coupons attached thereto shall bear the facsimile signature of the Vil~.ge Clerk and shall be payable at the ~2ain Office of the National City Bank, Cleveland, Ohio. Sec. ~~., That said bonds may be issued and sold at such rate of interest other than that hereinabove specified as may be specified by this Council in its resolution awardin; the sale thereof. Sec. 5. That the proceeds of the sale of said bonds, except the premium and accrued interest thereon and the portion sold to cover interest pending the collection of assessments, shat be deposited to the credit of the Village of Mayfield ?~Tater 1`7a.in Improvement Fund for the purpose of paying the aforesaid anticipation note and_the property owners' portion of the costs and e.•Ypenses of said improvement, for ~-,r'rLi.ch said purpose said money is hereby appropriated. Sec. 6. The premium and accrued interest, u any, received for the sale of said bonds and the proceeds of the porti on of said bonds sold to cover interest thereon pending collection of assessments shall be appLed to the payment of the principal and interest of said bonds i.n the manner provided b~,* law. - Seca 7. That alJ_ installments of said assessments and portions thereof, together ~,rith.interest thereon, shall be appLed to the payment of said bonds and interest as the same become due and for no other purpose whatsoever.