1972 009 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 72-9 BOGER BY: MR. AiQ ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING A PORTION OF THE COST OF RECONSTRUCTING THE VILLAGE HALL HITHERTO DAMAGED BY FIRE AND DECLARING AN EMERGENCY WHEREAS, pursuant to Ordinance No. 71-9, passed January 18, 1971, a note in the principal amount of $25,000.00, dated March 6, 1971, was issued for the purpose hereinafter stated, to mature on or before one year from the date of said note; and WHEREAS, this Village has paid the sum of $5,000.00 to apply on the principal of said note and desires to renew the same in the amount of $20,000.00 for another year, and it is essential to issue a new note in the sum of $20,000.00 in anticipation of the issuance of bonds; and WHEREAS, the fiscal officer has certified to this Council that the estimated life of the property and improvements hereinafter mentioned is at least five years and that the maximum maturity of the bonds to be issued to pay the cost of said improvement is 25 years, and of the note herein authorized to be five years. NOW, THEREFORE, Be It Ordained by the Council of the Village of Payfield, Cuyahoga County, Ohio, that: Section 1. It is deemed necessary to issue bonds of the Village of Mayfield in the principal amount of $20,000.00 for the purpose of paying a portion of the. cost of reconstructing the Village Hall hitherto damaged by fire. Section 2, Said bonds shall be dated approximately January 1, 1973, will bear interest at the rate estimated at six percentum per annum, payable semi-annually; and will mature in 20 substantially equal annual installments after their issuance. ' Section 3. It is necessary and this Council .hereby determines that a note in the aggregate principal amount of $20,000.00 shall be issued. Section 4. Said anticipatory note in the amount aforesaid shall be dated as of the date of issuance and shall mature on or before one year from said date of issuance, and shall bear interest at a rate not to exceed three per cent per annum, payable at maturity. Section 5. Said note shall be signed by the Mayor and Clerk-Treasurer and bear the seal of the corporation. It shall be designated "Village Hall Improvement Note"; and shall be payable at the office of Central National Bank, Cleveland, Ohio; it shall express upon its face the purpose for which it is issued and that it is issued pursuant to this Ordinance.