1961 745 Ordinance - Laserfiche WebLink

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~ Sec. 3. That for the purpose of raising 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 streets by constructing water mains therein with appurtenances ,- thereto, to pap the property owners¢ share of the cost and expense of said im- provement, it is hereby declared necessary to issue and there shall be issued notes of said Village in the amount of $ 74,200.00. Sec. 4. That such anticipatory notes in the amount aforesaid shall be issued bearing interest at such rate not exceeding two and three-eighths percent (2-3/8%) per annum as may be fixed by the Village Cleric in his award~of said notes at private sale, such interest to be payable at maturity. Said notes shall be dated as 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. Sec. 5. Such notes shall b2 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 Mayf field, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance, Sec. 6. All assessments collected for the improvements aforesaid and unexpended b 1 na aa~c.~es remaining in the funds. after the costs and expenses of said improvements have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided for. Sec. 7. Said notes shall be first offered to the treasurer as officer in charge of the Bond Retirement Fund, and so many of the same as..shall not be taken by said fund shall be sold at private sale by the Village Clerk 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 the maturity of said notes), shall 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 Retirement Fund to be applied in the payment, of principal and interest of said notes in the manner provided by lava. Sec. 8. Said notes shall be the full general obligations of the Village and the full faith, credit and revenue of said Village are hereby 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 the issuance of said notes shall, to the extent necessary, be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Sec. 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 thereon.