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ORDINANCE No. 1018 By Mr. DAVIS AN ORDINANCE TO PROVIDE FOR THE ISSUE OF A NOTE IN ANTICIPATION OF THE LEVY OF SPECIA7. ASSESSMENTS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSAIENTS FOR THE IMPROVI22ENT OF LANDER ROAD fJHEP.EAS, pursuant to Ordinance No. 962, passed June 20, 1966, a note in the principal amount of $33,500.00, dated July 12, 1966, was issued for the purpose hereinafter stated, to mature on or before one year from the date of said note; attd WHEREAS, because of delays in construction and in the determination of final costs, it has been impossible to levy assessments or issue bonds Yo pay said note, and itt order to preserve the credit of the Village it is essential to issue a new note to retire such outstanding ttote, attd in anticipation of the issuanee of bonds; and T+THEREAS, the Clertc-Treasurer has certified that the estimated life o£ the improvements hereinafter mentioned is at least five years and has further certified that the maximum maturity of the hereinafter mentioned bonds to be 40 years and a note to be issued in anticipation thereof to be five years, or one year from date of issuance if sold privately. NOW THEREFORE BE IT ORDAINED BY THE CQUNCIL OP THE VII,LAGE OF NlAYFIELD, CUYAHOGA COUNTY OHIO, THAT: ., Sec. 1, That it is hereby declared necessary to issue bonds of the Village of PSayfield in the sum of $33,500.00 for the purpose of raising money in anticipation of the collection of special assessments'for the improvement of Lander Road in the Village of Mayfield, Ohio, from Wilson Mills Road Southerly to the South corporation line of the Villages of riayfield and Highland Heights, Ohio, by grading, draining, curbing, paving ( including curb connections where necessary) and installing sidewalks, together with all necessary improvements, as provided in Resolution No. 666, adopted January 17, 1966. Sec. 2. That said bonds shall be dated July 1, 1968, shall bear interest now estimated at three and one-fourth per centum (3-1/4%) per annum, payable semi- annually and shall mature in twenty (20) annual installments after their issuance. Sec. 3. That for 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 street by grading, draining, curbing, paving and constructing curb connections where necessary together with all necessary appurtenances thereto and constructing a sidewalk, tb pay'-the'prope=ty,owners'"stzare of the cost and ? v