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ORDINANCE No. 483-1954
<br />,By Mr. Scaanson
<br />AN EMEF~ENCY ORDINANCE TO PROVIDE FOR THE ISSUE OF SPECIAL
<br />ASSESSMENT BONDS IN ANTICIPATION OF THE .COLLECTION. OF SPECIAL
<br />ASSESSMENTS. FOR THE IMPROVEMENT OF._S.O.H. CENTER RQAD F'ROM.iT.C.LSON
<br />M'R,TS RC1Elp TQ THE, $OUT~i CORPORATION_LII~ CAF' HAYFIELD _VIIS,AGE._ _ _
<br />TrJHEI~AS, this Council"has requested the Clerk to issue his certificate
<br />as to the_estimated life of the improvement constructed in S.O.M. Center Road,
<br />the property owners portion of said cost to be discharged from the .proceeds of
<br />bonds hereinafter referred to, and as to the maximum maturity of~such bonds, and
<br />the Clerl: has certified to this Council such estimated life as exceeding ten years,
<br />and has further certified the max;*m~+ maturity of said bonds as forty years; and
<br />Tr~RFAS, this Council estimates that a tax for said bonds will appear
<br />upon the 1955_dup]a.cate for the .fiscal year 1956 and the final tax settlement
<br />w.i.th the County Auditor and County Treasurer next following the inclusion of
<br />the tax levy for this issue of bonds in the annual budget for 1955 as requix°ed
<br />by law, will be obtained not later than November 1, 1956; and
<br />3rdHEREAS, a note of this village in the amount of X29,000.00 has been
<br />issued and sold in anticipation of the issuance of bonds hereinafter refer-red"
<br />to and is about to fall due; and
<br />AREAS, pursuant to the ViLage of Mayfield Ordinance No. 478-1954,
<br />passed September 25, 1954, levying special assessments in the amount of.~26,796.7f~
<br />to provide a fund for the payment of principal and interest of said bonds to be
<br />issued in anticipation of the collection of special assessments for the improvement
<br />of S.O.M. Center Road from the center line of Wilson Mi.]ls Road Southerl„v to the
<br />Mayfield Corporation line by the construction of a water main therein and to cover
<br />the remainder of the property owner's portion of the cost of said improvement;
<br />the Clerk of the Village of Mayfield has certified that special assessments in
<br />the aggregate amount of X2,$9,6.24 have been paid in cash during the period
<br />provided by law;
<br />NOltl, THEREFORE, BE IT ORDAINED BY THE C OUYdCIL OF THE VILLAGE OF MAYL'IELD,
<br />STATE. OF OHIOe. _ _ _ .- .._ - .- ~-- - _ - - .
<br />Sec. 1. That to provide a fund for the payment of the cost and expense
<br />in anticipation of the collection of special assessments herein levied for the
<br />improvement of S.OeM. Center Road from the center line of ~~Tilson Mills Road to
<br />the~South corporation line of_Mayfield Village by the construction therein of a
<br />water main and appurtenances and to cover the remainder of the property owner's
<br />portion of the cost of said improvement, in accordance with Resolution No. 199-
<br />1952 adopted January 21, 1952, it i.s necessary to issue and sell special
<br />assessment bonds of the Village of Mayfield, Ohio, iri the sum of X25,095.55,
<br />w'nich amount includes an__amount of 1,195.03 estimated to be sufficient to pay
<br />the interest thereon until the proceeds of said assessments are available.
<br />Sec. 2. That said bonds shall be numbered from 1 to 25 inclusive, shall
<br />be dated~mber 1, 1954, shall bear interest at z~ per annum payable semi-
<br />annualldn on the first day of June and December of each year beginning June 1,
<br />1955, shall be of the denomination of X1,000.00, except Bond No. 1 wlv.ch shall
<br />be of the denomination of X1,095.55, and shall mature as. follows, which maturities
<br />are hereby determined to be substantially equal annual installments, to-wi.t~
<br />X2,095.55 on December 1, 1956; ~2,000.OO on the first day of December in each of
<br />the years 1957 to 1960 both inclusive, and X3,000.00 on the first day of December
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