|
ORDINt1NCE No. 939
<br />By'Mr. Sloan
<br />AN ORDINANCE TO PROVIDE FOR THE ISSUE OF A NOTE IN
<br />ANTICIPATION OF TNE I,EVY..OF SRECIAI. ASSESSTSGNTS ,AND
<br />IN,,ANTICI$ATION OF THE ISSUANCE OF.BONDS IN
<br />,(}NTICIPATION.OF THE COLLECTION OE,SPECIAL.ASSESSMENTS
<br />FOR_THE INIPROVIIVSENT OF_RIDGEBURY,BOULEyARD
<br />WHEREAS, pursuattt to Ordinance No. 879, passed February 15, 1965, a
<br />note in the principal amount of $37,840.00, dated March_3, 1965, was issued
<br />for the purpose hereinafter stated, to mature on or before one year from the
<br />date of said note; and
<br />WHERE,SS, because of delays in construction and in the determinatiott of
<br />final costs, it has been impossible to levy assessments or issue bonds to pay
<br />said note, and in.order to preserve the credit of the Village it is essential
<br />to issue a new note to retire such outstanding note, and in attticipation of the
<br />issuance of bonds;' and
<br />WHEREAS, the Clerk-Treasurer has certified that the estimated life of
<br />the iunprovements hereinaEter mentioned is at least five years and has further
<br />certified that the maximum maturity of the hereinafter mentioned bonds to be
<br />40 years and a ttote to be issued in anticipation thereof to be five years, or
<br />one year from date of issuance if sold privately.
<br />NOW THEREFORE BE IT ORDAINED BY THE COUNCII. OF THE VIIS,AGE OF MAYFIII,D,
<br />CUYAHOGd COUNTY OHIO,.T$AT: . . _ , _ --
<br />.
<br />Sec. 1. That it is hereby declared necessary to issue bonds of the
<br />Village of Mayfield in the sum of $37,840.00 for the purpose of raising money
<br />in anticipation of the collection of special assessments for the improvement of
<br />Ridgebury Boulevard in the Village of Mayfield, Ohio, from the center litte of
<br />I,ander Road, which is the Westerly corporate line of the Village of MayEield,
<br />in an Easterly direction approximately 2825.35 feet to the Easterly corporate
<br />line of the Village of Playfield, by grading, draining, curbing, paving and
<br />constructing curb connections where necessary, together with all necessary
<br />appurtenances'as provided in Resolution No. 614, adopted September 17, 1964,
<br />and for the improvement o£ Ridgebury Boulevard from Washington Boulevard
<br />Easterly to Orchard Heights Drive in the City of Mayfield Heights by the
<br />construction of a 1211 cast iron water main with curb connections and appur-
<br />tenances as provided,in Resolution No. 615 adopted September 17, 1964.
<br />Sec. 2. That said bonds shall be dated February lst, 1967, shall bear
<br />interest now estimated at two and seven-eighths per centum ( 2-7/8%) per centum,
<br />payable semi-annually and shall mature in ten (10) annual ittstallmettts after
<br />their issuance. , -
<br />
|