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ORDINANCE No. 990
<br />By Mr. Shaw
<br />/1N ORDINANCE TO P80VIDE FOR THB ISSUE OF A SUPPLIIIENTAL
<br />NOTE IN ,ANTICIPATION_OF THE LEVY_OF SPECIAL ASSESSLIENTS
<br />AIVD IN ANTICIPATION QF_TAE ISSUANCE OF_BONDS IN ANTICIPATION
<br />0&' _TNE COLT.HCTION OF SPECIpI, ASSESSMEIVTS_FQR THE IMPBQVE[!1ENT
<br />OF WORTON_PABK_DRIVE,_NORTH_WOODLANE DRIVE, NORMAN I.AIVE, _
<br />SOUTH WOODLANE DRIVE AND WOODLAIJ$ DRIYE.
<br />
<br />WE1EREp,S, pursuant to Ordinance No. 911, passed September 8, 1965, 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 />WH6REAS, because of delays in construction attd in the determination of
<br />final costs, it was necessary to renew said note in the amount of $94,450.00
<br />for a period of oae year under authority of Ordinance No. 967, passed September
<br />19. 1966; and
<br />WHEREpS, because of additional costs of construction of the improvement
<br />hereinafter described, due to physical conditions which could not reasonably
<br />have been forseen either by Council or by the Contractor, it is necessary to
<br />borrow additional funds to pay the cost of the improvement; and
<br />WHEREAS, the Clerk-Treasurer has certified that the estimated life of
<br />the improvements hereinafter mentioned ia at least 5 yeara 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 VILLAGE OF MAYFIII,?
<br />CiJYAHOGA COUNTY, _STATB .OF. OHIO, . THAT:
<br />, r Sec.'l. It is hereby declared necessary to issue additional bonds of the
<br />Village of Mayfield in the sumof $22,000,00 ( which will be in addition to the
<br />sum of $94,450.00 in bonds previously authorized by Ordinance No, 967, passed
<br />September 19, 1966) for the purpose of raiaing money, in anticipation of the
<br />collection of special assessments for the improvement of Worton Park Drive from
<br />Hemingway Road to 3outh Woadlane Drive, North Woodlane Drive Erom Worton Park
<br />Drive to Woodlane Drive, Noxman I,ane from Worton Park Drive to Woodlane Drive,
<br />South Woodlane Drive from Woodlane Drive to its Easterly texwinus, and WQOdlane
<br />Drive from North Woodlane Drive to South Woodlane Drive, all in the Village of
<br />Mayfield, by grading, drainittg and paving with asphaltic materials, together
<br />with all necessary appurtenances,.as provided in Resolution No. 639, adopted
<br />March 15, 1965.
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