Laserfiche WebLink
ORDINANCE No. 967 <br />By Mr. Shaw <br />AN ORDINANCE TO PROVIDE FOR THE ISSUE OF A NOTE IN <br />p,NTICIPATION OF THE LEVY OF SPECIAL ASSESaSENTS AND IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS IN ANTICIPATION <br />OF THE COLLECTION OF_SPECIAL ASSESSMENTS FOR.THE . <br />IMPROVEMIIVT OF,WORTON PAR[C DRIVE, NORTH WOODLANE DRIVE, <br />ZVORNtAN LANE, SOUTH WOOI7LANE.DRIVE AND WOODLANE DRIVE <br />WNEREAS, pursuant to Ordinance No. 911, passed Septembes:,8?965, a note <br />in the principal amount of $94,450.00 dated September 10, 1965, was issued for <br />the purpose hereinafter stated, to mature on or before one year from the date <br />of said note; and <br />WNERBAS, because of delays in construction and in the determination 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 anticipation of the <br />issuattce o£ bonds; and <br />SItiEREAS, the Clerk-Treasurer has certified that the estimated life of <br />the improvements hereinafter mentioned is at least 5 years and has further <br />certified that the maximum maturity of the hereinafter mentioned bonds is 40 <br />years and a note to be issued in anticipation thereof to be 5 years, or one <br />year from date of issuance if sold privately. <br />NOW THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE VILI,AGE OF MAYFIELD <br />CUYAHOGA COUNTY, STATE.OF_OHIO, THAT:. -- <br />Sec. 1. It is hereby i3eclarecl necessary to issue bonds of the Village <br />of Mayfield in the sum of $94,450.00 for the purpose of raising mottey in <br />anticipation of the collection of special assessments for the improvement of <br />Worton Park Drive from Hemi.ngway Road to South Woodlane Drive, North Woodlane <br />Drive from Worton Park Drive to Woodlane Drive, Norman I.ane from Worton Park <br />Drive to Woodlane Drive, South Ldoodlane Drive from 47oodlane Drive to its <br />Easterly texminus,.and Woodlane Drive Erom North Woodlane Drive to South <br />Woodlane Drive, all in the Village of hiayfield, by grading, draining and paving <br />with asphaltic materials, together with all necessary appurtenattces, as provi:ded <br />in Resolution No. 639, adopted Diarch 15, 1965. <br />Sec. 2. That said bonds shall be dated pugust lst, 1967, shall bear <br />interest now estimated at three and one-half per centum (3-1/2%) per annum,. <br />payable semi-annually, and shall mature in ten (10) annual installments after <br />their issuance.