1966 967 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 in anticipation of the issuattce of bottds in anticipation of the collection o£ special assessments for the improvement of the above named streets by gradittg, draining and paving with asphaltic materials, together with all ttecessary 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 $94,450.00. Said note shall be dated on or about September 10, 1966, and shall mature on or before one year from such date. Sec. 4. That such anticipatory note in the amount aforesaid shall be issued bearing interest at such rate not exceeding the sum of four percent ( 40/6) per annum 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 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, qll 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 payment of said note 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 accrued interest, and the proceeds from such sale, except any ptemium and accrued interest thereon-(and the amouttt thereof necessary for the payment of interest prior to the security 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 paymettt 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 issuance of said note shall, to the extent necessary, be used only for the retiremettt o£ 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 interest thereon.