1967 1018 Ordinance - Laserfiche WebLink

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and expense o£ said improvement, it is hereby declared necessary to issue and there shall be issued a note of said Village in the amouttt of $33,500.00. Said note shall be dated Ju1y 17, 1967, and shall mature on or before July 17, 1968. Sec. 4. That such anticipatory note in the amount aforesaid shall be issued bearing interest at such rate not exceeding three and one-fourth per centum (3-1/4%) per annum as may be fixed by the Village-Clerk-Treasurer 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 upott 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 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 fullg provided for. Sec. 7. Said note shall be first offered to the Clerk-Treasurer as officer in charge of the Bond Retirement Futtd, 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 attd accrued interest, and the proceeds from such sale, except any premium and accrued interest thereon ( and the amount thereof necessary f or the payment oE interest prior to the maturity of said note), shall be paid into the proper Eund 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 payment of principal and interest of said note in the manner provided by law. Sec. 8. Said note shall be the full general obligations 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 requirement of said note at maturity, together with interest thereon, and is hereby pledged for such purpose. ' Sec. 9. In the event that such assessments are ttot 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 paymettt of such note and the interest thereon. Sec. 10. The Village Clerk-Treasurer is hereby directed to forward a certified copy of this ordinance to the County Auditor.