1966 962 Ordinance - Laserfiche WebLink

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Sec. 5. Such note shall be executed by the Mayor and 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. All assessments collected for the improvements aforesaid and unexpended balances remaining in the funds after the costs and expenses of said improvements have been paid, shall be applied to the payme¢t of said notie and the interest thereon until both are fully provided for. Sec. 7. Said note shall be first offered to the Clerk-Treasurer as officer in 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 acerued interest, and the proceeds from such,sale, except any premium and aecrued 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, pny premium and acerued interest ( and the amount necessary for the payment of interest prior to their maturity),shall be transferred to the Bond Retiremettt 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 obligations 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 issuance of said ttote 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 boads 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 paymettt of such note and the interest thereon. Sec. 10. The Village Clerk-Treasurer is hereby directed to forward a certified copy of this ordinance to the County Auditor. Sec. 11. This ordinance is hereby determined to be an emergency measure, necessary for the immediate preservation of the public peace, health and safety 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. Passed this 20th day of June , 1966. c LL Attest: Mayor - President of Council (Seal) Clerk-Treas rer