1975 013 Ordinance - Laserfiche WebLink

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Ordinance No. 7$33'.? Introduced by: Council as a Whole AN ORDINANCE AMENDING ORDINANCE N0. 74-47, AUTHORIZING THE ISSUANCE AND SALE OF NOTES IN ANTICIPATION OF THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS AND DECI,ARING AN IIMERGENCY WHEREAS, this Council has heretofore, by proper legislation, declared the necessity of improving Echo Drive by the installat3on of an eight-inch water main, hydrants and all necessary appurtenances thereto and has determined the estimated cost of such improvement to be $46,000.00; and WHEREAS, this Council has requested the fiscal officer to certify the estimated life of the improvements to be constructed and acquired from the proceeds of the bonds hereinafter provided for and the notes issued in anticipation of such bonds, and to certify the maximum maturity of such bonds and notes; and WHEREAS, the fiscal officer has certified to this Council such estimated life to be at least five years and has further certified the maximum maturity of such bonds to he ten years and the maximum maturity of such notes to be one year; NOW, THEREEORE, BE IT ORDAINED BY THE WUNCIL OF MAYFIELD VILLAGE, OHIO THAT: Section 1. It is hereby determined to be necessary to issue bonds of Mayfield Village in the principal sum of $46,000.00 for the purpose of paying the property owners' portion and the Village's portion in the amount of $46,000.00 in anticipation of the collection of special assessments, to pay the cost of improving Echo Drive by the installation of an eight-inch water main, hydrants and all necessary appurtenances thereto, as hereto provided in Resolution No. 862 adopted May 20, 1974. Said bond shall be dated approximately November 1, 1974; shall bear interest at a rate, as presently estimated of 7% per annum, payable semi-annually, and shall mature in 20 substantially equal annual installments after their issuance. Section 2. That it is necessary to issue, and this Council hereby determines that there shall be issued, notes of Mayfield Village in anticipation of the levy and collection of said special assessments, in the principal amount of $46,000.00. Section 3. Said anticipatory notes shall be dated the lst day of October, 1974; and shall bear interest at the rate of 7% per annum, payable semi-annually, and shall mature on the 31st day of September, 1975. Said notes shall be signed by the Mayor and by the Clerk-Treasurer and shall bear the corporate seal of the Village and shall be in such number and denomination as requested by the purchaser thereof. Said notes shall express upon their face the purpose for which they are'issued and they shall be issued pursuant to this ordinance. Section 4. Said notes shall first be offered to the officer in charge of the General Eund and if not accepted by him for such fund shall then be sold by the Clerk- Treasurer at private sale for not less than par and accrued interest to date of delivery arid at a rate of interest offered by the purchaser thereof but not in excess of the rate of interest specified in Section 3 of this Ordinance.