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ORDINANCE N0. 69-5
<br />By; Mg, bavis
<br />AN EMERGENCY ORDINANCE TO PROVIDE FOR THE ISSUE OF SPECIAL
<br />ASSESSMENT BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL
<br />ASSESSMENTS FOR THE IMPROVEMENT OF WORTON PARK DRIVE, BETWEEN
<br />CERTAIN TERMINI, BY GRADING AND PAVING WITH ASPHALTIC CONCRETE
<br />MATERIALS, TOGETHER WITH ALL NECESSARY APPURTENANCES.
<br />WHEREAS, this Council has requested the Clerk-Treasurer to issue his
<br />certificate as to the estimated life of the improvements hereinafter described,
<br />the property owners' portion of said cost to be discharged from the proceeds of
<br />bonds hereinafter referred to, and as to the maximum maturity of such bonds,
<br />and the Clerk-Treasurer has certified to this Council such estimated life of
<br />said improvements as exceeding five years, and has further certified the maximum
<br />maturity of said bonds as ten years; and
<br />WHEREAS, a note of this Village, in the amount of $17,500.00 has been
<br />issued and sold in anticipation of the issuance of bonds hereinafter referred
<br />to, and said note has been renewed, and is now due and payable; and
<br />WHEREAS, Council has passed Ordinance No. 1092 on December 16, 1968,
<br />to provide a fund for the payment of principal and interest of said bonds to
<br />be issued in anticipation of the collection of special assessments for the im-
<br />provement of Worton Park Drive, between certain termini and in the manner
<br />specified in Resolution No. 704, adopted March 20, 1967, levying special as-
<br />sessments in the aggregate amount of $17,983.00, and the Clerk-Treasurer has ,
<br />certified that said special assessments in the aggregate sum of $1,152.13 have
<br />been paid in cash, during the period provided by law for said improvement.
<br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF MAY-
<br />FIELD, CUYAHOGA COUNTY, OHIO; THAT:
<br />Section 1. To provide a fund for the payment of the cost and expense
<br />in anticipation of the collection of special assessments herein levied for the
<br />improvement of Worton Park Drive, in the Village of Mayfield, Ohio, between
<br />certain termini and in the manner specified in Resolution No. 704 adopted March
<br />20, 1967, and in accordance with Ordinance No. 1092, passed December 16, 1968,
<br />it is necessary to issue and sell special assessment bonds of the Village of
<br />Mayfield, Ohio, in the aggregate amount of $16,800.00, which amount includes
<br />an amount estimated to be sufficient to pay the interest on said bonds, until
<br />the first collection of the assessments anticipated by these bonds is received.
<br />Section 2. Said bonds shall be numbered 1 to 17, inclusive, and shall
<br />bear interest at the rate of 5% per annum, payable semiannually, on the first
<br />days of June and December of each year, beginning June 1, 1969, shall be of the
<br />denomination of $1,000.00 (except that bond number 1 shall be in the amount of
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