1965 910 Ordinance - Laserfiche WebLink

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Sec. 4. That such anticipatory note in the amount aforesaid shall be issued bearing interest at such rate not exceeding tcvo and one-half percent• (2-1/27o) per anttUm as may be fixed by the Village Clerk in his award of said note at private sale, such interest to be payable at maturity. Said note shall be dated as of issuance and shall mature on or before one year from such date. Sec. 5. Such note shall be executed by the Mayor and pillage Clerk and bear the seal of the corporation. It sha11 be payable at the office of the Treasurer of the Village of Mayfield, Ohio; it shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Sec. 6. pll assessments collected for the improvements aforesaid and unexpended balances remaining in the £unds after the costs and expenses of said improvements have been paid, shall be applied to the payment of said note and the interest thereon until both are fully provided for. Sec. 7. Said note shall be first offered to the Treasurer as officer in charge o£ the Bond Retirement Fund, and so much of the same as shall not be taken by said fund shall be sold at private sale by the Village Clerk for not less than par and accrued interest, and the proceeds from such sale, except atty premium and accrued interest thereon ( and the amount thereof necessary for the payment oE interest prior to the maturity of said ttote), shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby appropriated. Any premium and accrued interest ( and the amount necessary for the payment of interest prior to their maturity),shall be transferred to the Bond Retirement Fund to be applied in the payment of principal and interest of said note in the manner provided by law. Sec: 8. Said note shall be the full general obligation. of the Village and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess fund resulting from the issuattce of said note shall, to the extent necessary, be used only for the retirement of.said note at maturity, together with interest thereon, and is hereby pledged for such purpose. Sec. 9. In the event that such assessments are not levied or bonds are ttot issued to provide a fund for the payment of said note at maturity, a general tax shall be levied against all of the.property in said Village for the payment of such note and the interest thereon.,' Sec. 10. The Village Clerk is hereby directed to fonuard a certified copy of this ordinance to the County Auditor. Sec. 11. This ordinance is hereby determined to be an emergency measure, necessary Eor the imnediate preservation of the public peace, health and dafety of such Village by reason of the fact that it is necessary to complete said improvement during the present season, and said ordinance shall go into immediate effect upon its passage.