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oRDINkNCE No« 637 <br />By 14r, Strater <br />AN ORDINANCE TO PROVIDE FOR THE IS'SUE, OF id0'I'E5 7N <br />' ANTICIPATION OF THE 3,EVY OF S1'ECTAL ASSESSNETITS AND IN <br />ANTSCIPAfiION OF 'IHE TSSUANCE OF BONDS TN AN^lICIPATTON <br />' OF THE COLLECTIOIV OF SF'EiCIAL ASSESSIENZS FOR THE ]NPROVE- <br />MENT OF SOM CENTM RQAD, <br />'G,EEtEAS., the Council of the Village of Mayfi.eld has heretofore by / <br />legislation declared the neccssity of improving SON1 Center. Roaci by constructing <br />a water main and appurtenances therein' <br />? <br />IJOn}' THEREFORE9 BE IT ORDAIN'...D BY THE COUIVCIL OF 'PHE VIZI,A.GE OF <br />, MAYFTMD s <br />Sec. 1. Tha-t it is hereby declared necessary to issue the bonds of <br />? the Vi7.].age in the principal sum of $ 28j,200.OQfor the purpase of raising <br />money in arrticipatian of the col.lection of special assessments for the <br />improvement of S014 Cen-'ter Road from Highland Road in a Southerly directian <br />2650 feet to the existing water main, by the construction ard installation <br />oi' a water main and appvxtenances as provi.ded far in Resol.ution Noo 434, <br />adopted August 18th., 1958. <br />Sec. 2. That said bonds shall be da'ued December lst9 1959, shall <br />bear interest now estimated at three and one-half per centum (3-1/2,°I) per <br />annum, payable semi-annuall.y and shall mature in ten azmual installments <br />after their issuanceo <br />Sec. 3o That far the purpose of raising money in anticipation of <br />the levy of special assessments and in anticipation of the issuance of boncls <br />in anticipation of the collection of special assessments for the improvement <br />of the above named street by constructing a water main therein with appurR <br />tenances thereto, in accordance with the ]e gislation herEtofore passed by the <br />Village Council -rrith respect thereto, -to pay the property owners l share of <br />the cost and expense of said improvement, it is hereby declared necessary to <br />issue and there sha71 be issued notes of said Village in the amount of <br />$ 28 .,200s00 . <br />Secm 4. That such anticipatory notes in the amount aforesaid-sha7.1. <br />be issued bearing interest at such rate not exceeding tVTO and one-half percent <br />(2-1/2%) per annum as may be fixed by the Vi].lage Clerk in his maard of said <br />notes at private sale9 such intsrest to be payable at maturity. Said notes <br />shaZl be dated as of issuance and sha11 mature on or before one year from <br />such date. Such notes sha7.l be executed and deliverea in sueh number and <br />such denonv.nations as may be requested by the purchaser thereofQ Said note <br />shall bear interest at the rate of 2 1/2% per annum af'ter maturity.