1967 990 Ordinance - Laserfiche WebLink

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Sec. 2. That said bonds shall be dated August lst, 1967, shall bear interest now estimated at three and one-half per centum ( 3-1/2%) per anntffi, payable semi- annually, and shall mature in ten (10) annual installments after their issuance. Sec. 3. That £or the purpose of raising money in anticipation of the levy of special assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assessments for the improvement of the above named streets by grading, draining and paving with asphaltic materials, together with all necessary 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 supplemental note in the amount of $22,000.00 of said Village. Said note shall be dated on or about March lOth ., 1967, and shall mature on or before one year from such date. Sec. 4, that such anticipatory note in the amount aforesaid sha31 be issued bearing interest at such rate not exceeding the sum of three and eight-tanths percent (3-8/10) 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 the 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 remainittg 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 to taken by said fund.shall lie 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 premium and accrued interest thereon ( and the amount thereof necessary for the payment of interest prior to the security of said note) shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose, and for whicli purpose said money is hereby appropriated, pny 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 payment of_principal and interest oE 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 retirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose.