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ORDINANCE No, .772
<br />By NIr. Belzer
<br />Seconded by P4 r. Wedler
<br />AN EMERGENCY ORDINANCE TO PROVIDE FOR THE ISSUE OF SPECIAL
<br />ASSESSMENT BONDS-IN ANTICIPATION OF THE_COZ,I~ECTION OF SPECIAL
<br />ASSESSMENTS. FOR THE IMPROVEvIENT OF WORTON PARK. DRIVE, WOODI~ANE
<br />DRIVE, NORTH-WOODLANE DRIVE, SOUTH. WOODLANE DRIVE, AND NORT4AN
<br />LANE DRIVE. BY THE_CONSTRUCTION AND INSTALLATION OF WATER MAINS
<br />AND APPURTENANCES THERETO.,. - _-
<br />WHEREASg this Council has requested the Clerk to issue his certif icate
<br />as to the estimated life of the improvements hereinaf ter described, the cost of
<br />same to be discharged from the proceeds of bonds hereinafter ref erred to, and
<br />as to the maximum maturity of such bonds, the Clerk has certif ied to this
<br />Council such estimated life of each of said improvements as exceeding 5 years
<br />and has further certified the maximum maturity of said bonds as 10 years; and
<br />k~IIEREASe a note of this Village in the amount of $74,20000 has
<br />been issued and sold in anticipation of the issuance of bonds hereinafter
<br />ref erred tog in connection with •the improvements hereinaf ter described, and
<br />such note is now due and payable; and
<br />WHEREAS, in pursuance to ordinance No® 769, passed June 8, 1962,
<br />levying special assessments in the sum of $69,000,00 to provide a fund for
<br />the payment of principal and interest of said bonds to be issued in anticipation
<br />of the collection of special assessments for •the improvement of Worton Park
<br />Drive, Woodlane Drive, North Woodlane Drive, South Woodlane Drive and Norman
<br />bane Drive, between the termini and in ,the manner specified in Resolution No.
<br />499, adopted June 19, 1961, by the construction and installation of Water
<br />Mains and appurtenances thereto, and to cover the cost of said improvements,
<br />the Clerk of the Village of Mayf field has certified that special assessments in
<br />the aggregate amount of $10,670.80 have been paid in cash during the period
<br />provided by law for said-improvements®
<br />NOW THEREFORE BE TT ORDAINED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD,
<br />CUYAHOGA COUNTY OHIO, THAT: , _ .. - - _ - . _ . _ - _
<br />Sec, 1, To provide a fund for the payment of the cost and expense in
<br />anticipation of the collection of special assessments herein levied for the
<br />improvement by the construction and installation of water mains and appurtenances
<br />thereto of Worton Park Drivep Woodlane Drive, North Woodlane Drive, South
<br />Woodlane Drive, and Norman Lane Drive, in the Village of Mayffield, Ohio,
<br />between the termini and in the manner specified in Resolution No. 499, adopted
<br />June 19, 1961; and in accordance with Ordinance No, 769, passed June 8, 1962'
<br />it is necessary to issue and sell special assessment bonds of the Village of
<br />Hayfield, Ohio, in the sum of $58,330800, which amount includes an amount
<br />estimated to be sufficient to pay the interest on said bonds until the first
<br />collection of the assessments anticipated by these bonds is received.
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