1957 588 Ordinance - Laserfiche WebLink

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ORDIIdANCE No. 5$$ By Tir. Hopkins AN ORDINA.NCE TO PROUTDE FQR THE ISSiT.C OF NOTES TN ANi'ICTPkTION pF TIjE ISSUA.NCE OF BONDS FOR THE PURCHASE OF CERTAIN REAL ESTATE ON WnSON TiII,LS ROAD FR.OPI GEORGE C. LEeSLIE AND .EDI^1H M. LMLTE. BE IT ORDAINED 3Y THE COUNCIZ OF ThEi VIZLA.GE OF MAYFJL ?J' CUYAHOGA COUIVTY, OHL09 TH&T s 5ec. 1. It is hereby declared neecssary to"issue bonds of the ViLlage in the principal sum of 116500.00 for t he purpose of raisi.ng money for the payment of part of the purchase price of certain land arid bui.ldings on Wilson Niills Road fram George C. Les]a.e 'and Edith 11. Leslie, as provided in Ordinanee No. 587 dated August 26th , 1957. Such property is deseribed as being the same property conveyed to Garrie E. Leslie by deed recorded in Volume 903., Page 251 of Cuyahoba County Records fram--George A. Bennett and?Barbara A. Bennett dated October l, 1909, shall bear interest now estima-ted at lrlo per annum, payable serni mnua11y arul shall mature in 10 annual installments after 'uheis issuance, Sec, 2. For the purpose of raising money for providing a portion of the fu.nds required for the. purch.ase of the above described Ir operty' in dccordance with the 1egislation beretofore passed by Council wi.th respeet thereto; it is heraby declared necessary to issue ard there shall be issued a note of s aid. v311age in the amount of $6500.00. 5ec3. Such anticipatory note in the amoizn.t aforesaid shall be assued bearing interest at such rate not exceeding 2-1/2% per annum, as may be fixed by the Vi1].age Clerk i.n, his award of said note at private sale' such in-terest -to be payable at matux°ity. Said note shall be dated as of the day of issuance and shall mature on or before bro years froxn such date• Said note shall bear interest at a rate not exceeding 2a1/2% after maturity. Sec. 4. Said note sha11 be executed by the 11ayor and Village Clerk and bear the seal of the corporation. Tt shall be payable at the office oi the Treasurer of the Vi1.7.age of Mayfield, Ohio' and shall express upon its face the purpose for wI?.ich it is issued, and that it is issued pursuant -to this ordinance. Sec. 5. Said note shall first be offered to the V3.7.7.age Treasurer as the officer in cllarge of- the Bond Retirement Fund, and if the san.e shall not be -taken by said fund, it shall be sold at private sale by the Vi1.7.age C].erk for no-t less 'uhan par and accrned interest' and the proceeds from such s ale9 except arnyy premi.um and accrued in-h,erest thereon9 ( and the amount thereof necessary for the payment of interes-c prior to the maturit3* of saicl note) 9 sha11 be paid into the Buil.ding' Equipment & T'Zain-tenance Fund and used for the purpose aforesaid and for no ather purpose9 and for.trhich purpose said money is hereb3r appropriated. AW prerium and accruecl interest