1959 666 Ordinance - Laserfiche WebLink

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Sec. 4. Tlzat such ant3.cipatory notes 3.xi the amaunt aforesaid sha3.1 be issued bearrIng int,erest at such rate not exceeding 2-5/8 % per anrnum as may be-fi.xed by the vi1.l.age Clerls ixi ha..s award of said notes at private sale9 such interest to be payable at maturitye Said notes sha1l be dated as of the day of isstaance and shall mature on or before one year from such, date. Such notes shall be executed and delivered in such manner and such denomina-ti.ons as may be requested by the purchaser thereof. Said notes sha1l bear interest at the rate oi !yo per annum after maturity. - Sec. 5. Such notes shal:L be executed by the Mayor and Vi]lage ClerY. and bear the seal of the coxpora-r,3.on. They shal.1 be payable at the Office of the Treasurer of° the ViLlage of Mayfield, Ohio; they sha11 express upon their face the purpose for which they are issued and that they are issuEd pursuant to this orcl3.nance. Sec. 6. All assessments co1.7.ected for the i.mprovements aforesaid, ard unexpended balances remaining in the fund.s after the costs and expenses of sa3.d improvements have been paid' shall be applied to the payment of sa3.d notes and the i.nterest thex°eon until both are fully provided for. Sec. 7. Said aotes shall be f3xst offered to the treasurer as officer in charge of the Borxi Retirement Fuaid, and so mary of the same as sha11 not be taken by said furnd shall be sold at private sale by the Village Clerk for not l.ess than par and accrusd 3.nterest, ancl the proceeds from such sal e9 except any premium and accx°ued i.ntex°est thereon ( and the amount thereof necessary for the payment of interes-t prior to the maturity of said rao-tes)., shall be paid into the proper fund and used for the purpose aforesa3.d ami. for no other purpose., and for tdhich purpose said money is hereby appropriated. Any premi.um and aacnxed interest ( and the amoant necessary for the payrnent of interest prior to their maturity) sha11 be transferred to the Bond Retire- men•t Fund to be app].;.ed in the payment of pri.ncinal and interest of said notes in the manner prog3ded by law. Sec. 8. Said notes shall,be the full general obliaatzons of the Village and the fu11 faith$ credit anci revenue of said Vi°Llage are hereby pledged for the prompt payznent of the samem The par value to be received from the sale, of the bonds anticipateci by said notes and any excess fund resulting from the issuance of said notes shall, to the extent necessaryf be used only for the retirement of said notes at maturity, together wi.tlz interest thereon, and is hereby pledged for such purpose. Sec• 9. Tn the event that such assessments are not levi.ed or bonds are not issued to.provide a fund :for the payment of said notes at maturity,, a general tax shall be ].evied against a7,1 of the property 3.n said Village for the pagmen-t os such notes and the interest thereon: Sec. 10. The Vil.lage Cler?t is hereby d.irected to forward a cert,3.fied copy of this ordinanee to the County Auditor,&