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ORDINANCE No. 808 By Mr. Shaw AN ORDINANCE TO FROVIDE FOR THE ISSUE OF NOTES IN ANTICIPATION OF THE I,EVY._OF SPECIAL ASSESSMENTS.AND IN ANTICIPATION OF THE ISSUANCE OF $ONDS IN ANTICIPATION OF.THE COLLECTION.OF_SPECIAL ASSESSMENTS FOR..THE__ _ IMPROVEMENT OF_SOM CENTER-ROAD _ WHEREAS, the Council of the Village of ~'Iayf field, Ohio, has heretof ore by legislation declared the necessity of improving SOi~! Center Road by constructing a water main and appurtenances therein. _ NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF I~IAYFIELD, CUYAHOGA COUNTY, ,OHIO, . THAT: _ . _ .. - . _.. . ._ ._ ~ ~ t Sec. 1. That it is hereby declared necessary to issue bonds of the Village of Mayf field in,the sum of $54,300.00 for the purpose of raising money in anticipation of the collection of sper_ial assessments for the improvement of SOM CENTER ROAD in the Village of Mayffield, Ohio, from the end of the existing water main which terminates 1,528 feet North of the center line of Metro Park Drive, in a Northerly direction to the North corporation line of the Village_of Mayfield, by the construction of a 16 inch cast iron water main, with curb connections and appurtenances, as provided for in Resolution No. 599, adopted April 15, 1963. _ Sec. 2. That said bonds shall be dated September 1st, 1964, shall bear interest nova estimated at three and one-half per centum (3-1/2%) per annum, payable semi-annually and shall mature in ten (10) annual installments after their issuance. , 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 pay the property ownersg share of the cost and expense of said improvement, it is. hereby declared necessary to issue and there shall be issued notes of said Village in the amount of $54,300.00. Sec. 4. That such anticipatory notes in the amount aforesaid shall be issued bearing interest at such rate not exceeding two and one-half percent (2-1/2%) per annum as may be fixed by the Village Clerk 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.