1967 989 Ordinance - Laserfiche WebLink

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Sec. 2. That said bottds shall be-dated Febraary lat, 1968, shall bear interest_noca estimated at three and eight-tenthe_( 3-8/10) per centum par annum, payable semi-annually attd shall mature in ten (10) annual,iastallments after their isauance. Sec. 3. Tbat for the purpose of raiaing money in anticipation of the levy of special asaessments and in anticipation of the issaance oE bonda in antieipation of the collection of apecial asseasments Eor the improvemeat of the above named street by grading,. draining,.curbing, pavi.ng and coastructing water maina and curb wnaectioas where necessary together with all necesaary appurtenances thereto, to paq the property ownerst ahare of the coat and expense of said improve- ment, it is hereby daclarad neceesary to iasue and there ahall be issued s note of said Village in the amoant of $37,840.00. Said ¢ote ahall ba dated Match 3, 19670 and shall mature oa or before March 3, 1968. Sec. 4. That such anticipatorp note in the amount aEoresaid shall be iasued bearing interest at auch rate aot exceeding three and eight-tenths (3-8/10) per centum as may be fixed by'the Village Clerk-Treasurer in hia award of said note at private sale, such inteseat to be payable at maturity. Said note ahall be dated as of issuance and shall mature on or be£ore oae year from such date. See. 5. Such note shalI be executad by the Mayor and the Village Clerk- Treasurer aad bear the seal of the corporation. It ahall be payable at the office of the Clerk-Treasurer of the pillage of Mayfield, Uhio; it shall espress upo¢ its face the puspose for which it is issued and that it is isaued pursuant to this ordinance. Sec. 6. All asseasme¢ts collected for the improvemente aforesaid and unexpended balanaes remaining in the funds after the costs and expenses of said improvements haveI been paid, shall be applied to the payment of said note sad the interest theseon until both are fully provided fosa Sec. 7. 3aid note shall be firat oEfered to the Clerk-Tresaurer as officer in charge oE the Bortd Retireme¢t FuRd, and so mnch of the same as ahall not be teken bp said fund.shall be sold at private sale by theVillage Clerk- Treasurer for ¢ot less than par and accrued iaterest, and the proneada from such sale, except any premitu and accnied intereat thereon ( and the amount thereof aecessary Eor the payment oE interest prior to the maturitq of said note), shall be paid into the proper fuad and used for the purpose a€oresaid aad Eor no other purpoae, and for which purpose said money is hereby appropriated. Any premium and accrned interest ( and the amonttt naceasary for the parment oE interest prior to their matnrity) shall be traasferred to the Bond Betiremeat Fund'to be applied ia the payment of,principal and iaCereat of sai.d note i¢ the manaer provided by law. Sec. 8. Said note shail be tlie Eull general obligatioas oE the Village aad the full faith, credit and revenue o£ said Village are hareby pledged for the prompt payment of the same. The par valne to be received fron the sale of the bonds anticipated by said note and any excess fnnd reaulting fsom the issaance of said note shall, to the extent aecessary, be used onlq for the retirement of said note at maturitq, together with interest thereoa, and is hereby pledged for snch purpose.