1957 580 Ordinance - Laserfiche WebLink

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Sec. 5. Such notes shall be executed by,the Mayor and Village clerk and bear the seal of the corporation. They shall be payable at the Office of the Treasurer of the Village of Mayfield, Ohio; they shall express upon their face the purpose.f or which they are issued and that-they are issued pursuant to this ordirance~ Sec. 6. All assessments collected for the improvements aforesaid and unexpended balances remaining in the funds after the costs and expenses of said improvernentshave been paid, sha71 be ~ pLed to the payment of said notes and the interest thereon until both are fully provided for. Sec. 7. Said notes small be first offered to the treasurer as officer ' in charge of the Bond Retirement Fund, and so mar_y of the same as shall not be taken bar said. fund shall be sold at private sale by the ViLage clerlti for not less than par and accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon (and the amount thereof necessary for the payment of interest prior to t'r~e maturity of said notes), sna11 be paid into the proper fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby appropriated Any premium and accrued interest ( and the amount necessary for the payment ' of interest prior to their maturity) shall be transferred to the Bond Retire- ment Ftuzd to be applied in the payment of Principal and interest of said notes in the manner provided by laws Seco 8® Said notes shall be the fuL general obligations of,the Village and the full faith, credit and revenue of said Village are izereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess fund resulting from tine issuance of said notes shall, to the extent necessa~.•°y,•be used only for the retirement of said notes at maturity, together iri.th interest thereon, and is hereby pledged for such purpose. Secm 9. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said Village for the payment of such notes and the interest thereon4 Sec. 10. The Village clerk is here'oy directed to for>:rard a certified copy of this ordinance to the county Auditor. Sec. l1, This Ordinance is hereby determined to be an emergency measure, necessar~r for the immediate preservation of the public peace, health, and safety of such Village by reason of the fact that it is necessary to complete said improvement during the present season, and said ord:uiance shall go into immediate effect upon its passage. Passed this 18th day of March, 1957. Attest:. /~'~~ ~Y• !~~ SEAL erk N4~.yor - resident of ounc i 1