1966 939 Ordinance - Laserfiche WebLink

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Sec. 3. That for the purpose of raising money in anticipation of the levy of special assessments and itt anticipation of the issuance of bonds in anticipation of the collection of special assessments for the improvement of the above named street by grading, draining, curbing, paving and constructing curb connections where necessary together with all necessary appurtenances thereto, to pay the property owners° share of the cost and expense of said improvement, it is hereby declared necessary to issue and there shall be issued a note of said Village in the amount of $37,840.00. Said note shall be dated March 3, 1966, and shall mature on or before March 3, 1967. Sec. 4. That such anticipatory note in the amount aforesaid shall be issued bearing interest at such rate not exceeding two and seven-eighths ( 2-7/8%) per centian as may be fixed by the Village Clerk-Treasurer 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 the Village Clerk- Treasurer and bear the seal of the corporation. It shall be payable at the office of the Clerk-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 a£oresaid and unexpended balances remaining in the funds 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 £ully provided for. Sec. 7. Said note shall be first offered to the Clerk-Treasurer as officer itt charge of 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- Treasurer for not less than par and accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon ( and the amount thereof necessary for the payment of interest prior to the maturity of said note), 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 Futtd to be applied in the payment of,principal and interest of said ttote in the manner provided by law. Sec. 8. Said note shall be the full general obligations of the Village and the full faith, credit and revenue of said Village areihereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note attd any excess fund resulting from the issuance 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 not 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 ittterest thereon. Sec. 10. The Village Clerk-Treasurer is hereby directed to forward a certified copy of this ordinance to the Couttty Auditor.