1956 545 Ordinance - Laserfiche WebLink

Home Browse Search

Ordinance No. 5~.5 Bar Nor. -Taylor Seconded by fir. Falk TO PROVIDE FOR THE ISSUE OF NOTES IN ANTICIPATION OF THE LEVY_OF SPDEIAL ASSESSMENTS .AND IN ANTICIPATION OF THE ISSUANQE OF BONDS IN ANTICIPATION OF THE . COLLECTION OF SPECIAL. ASSESSI!~NTS_FOR, THE IMPROVE r~NT OF . GLENjTIEIJ ROAD. • . _ _ . _ ?~~REAS,, the Council of the Village of Mayfield has heretofore by legislation declared the necessity ,of improving Glenview Road by constructing an 8" water main and appurtenances herein' NOkt7,,..THEREFORE, BE IT ORDAINED BY THE COUNCIL OF' THE VILLAGE OF ~YAYF-rFr,n® ~ - . _ _ _ _ -. Sec. 1. That .it is hereby declared necessary.to,issue the bonds of the Village in the principal 5tun~ of ~16~000.00 for the. purpose of raising money_ in anticipation of the collection of special as_ sessments for. the improvement of Glenview Road from SOM Center Road=in an Easterly direction to the TrJesterly line of. Beech Hill Road by ~the~ construction and insta7l~ation ' of a water, main and appurtenance's as .provided for in Resolution No. 317 adopted on the 19th day of December; 1955. . 5ec.,2® That said bonds shall be dated~July,lst, 197, shall bear interest .now estimated at t~u~ee.and onephalf_per eentum (3®1/2~) per annum, payable semi®annually and sYial3. matwre,; in ten annual installments after their._. issuance. ~ , , .. Sec, 3, That for the purpose.. of raisiri~.money in anticipation of the levy of .special 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 Village Council with respect thereto, to pay the property owners' snare 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 $1b,000.00. _ .. . Sec. !~. That such anticipatory notes i.n the amount aforesaid shall be issued .bearing, interest at such rate not exceeding tiro: and°=three-=fourtYis per centum (2-3/1..x/) 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 matu_*°ity. 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 oft-3~~ per centum per annum after maturity.