1970 052 Ordinance - Laserfiche WebLink

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.; .; --~ ORDINANCE N0. 70-52 BY: MR. LEECH AN ORDINANCE PROVIDING FOR TAE ISSUANCE OF $100,000.00 OF GENERAL OBLIGATION BONDS OF TAE VILLAGE OF HAYFIELD, OHIO, FOR THE PURPOSE OF PAYING THE COST OF RECONSTRUCTING AND EQUIPPING THE VILLAGE HALL HITHERTO DAMAGED BY FIRE. [4HEREAS, the fiscal officer has certified to this Council that the estimated life of the property and improvements hereinafter mentioned is at least 5 years and that the maximum maturity of bonds to be issued to pay the cost of making such improvements is 20 years; NOW, THEREFORE, Be It Ordained by the Council of the Village of Mayfield, Cuyahoga County and State of Ohio: i~., Section 1. That it is necessary to issue bonds of the Village of Mayfield, Ohio, in a single series in the principal sum of $100,000.00 for the purpose of paying the cost of reconstruction and equipping the Village Hall hitherto damaged by fire. Notes shall not be issued in anticipation of the issuance of said bonds. • Section 2. That such bands will be in the denomination of $5,000.00 each, shall be numbered from 1 to 20, both inclusive, shall be dated the 1st day of January, 1971, and bear interest at the rate of 6 1/2 per centum per annum, payable semi-annually on the 1st day of June and December of each year, ' be€inning with the 1st day of June, 1971, until the principal sum is paid; ! provided, however, that if said bonds are sold bearing a different rate of • interest than hereinbefore specified, such bonds shall bear such rate as may be provided for in the resolution of Council approving the award thereof. Said bonds shall mature as follows: $5,000.00 on the 1st day of December in each of the years 1972 to 1991, both inclusive, ` ! which maturities are hereby determined to be in substantially equal annual installments. The principal and interest of said bonds shAll be payable at the Main Office of Central National Bank of Cleveland, Cleveland, Ohio. Section 3. That said bonds shall express upon their faces the pur- pose for which they are issued and that they are issued in pursuance of this Ordinance, and shall be signed by the Mayor and Clerk-Treasurer, provided that one of such signatures may be a facsimile and bear the corporate seal of the said Village. The interest coupons attached to said bonds shall bear the fac- simile signature of the Clerk-Treasurer. Section 4. That for the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to discharge the said bonds at maturity, there shall be and is hereby levied on all~the taxable ,~.