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~dinance No. 5~.. By Mr. Strater TO PROVIDE FOR THE ISSN OF NOTES IN ANTICIPATION OF THE LEVY QF . SPECIAL. ASSESSt~NTS AND . IN. ANTICIPATION C&' THE. ISST~NCE ~' BONDSS IN ANTICIPATION ~ Tim. COLLECTION, OF ,. _ .SPECIAL _ASSESSMSNTS FOR Tr1E. IM~'ROVEMENT ~'. HIGHLAND RQAD ?r+if~REAS, the~~Council of ~the~ V3Ll~.ge of Mayfield ha.s • heretofore by legislation dec7nred the necessity of improving.-Highland Road by -constructing a lb" water main and appurtenances therein, . N01a1, THEREFORE, BE IT ORDAIl~D SY THE COUNCIL OF THE V]I~'~AGE OF HAYFIELD:. _ ~-.. ,: . • Sec, 1. That it is hereby declared necessary to issue the bonds of the in.the principal sum of X21,000.00 for the purpose of raising money in anticipation of the collection•of special assessments for the improvement of Highland Road from the.~esterly line of the ViLl.age of Mayfield~3ri an Easterly-direction .to the westerly line of~SOM Center Road by the construction of a lb" water main with appurtenances therein, as provided for in Resolution No. 282 passed on'the lbth day of May, 1955. Sec. 2. That said bonds interest now .estimated at three payable semi-annual.],y and s'na17. their issuance. shall be dated July 1, 195b, shall bear and .one-half per , cerrtum (3-1/2~) per annum, mature in ten annual. instalments after Sec. 3. That for the purpose of raising money in anticipation of the ]~evy 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.constructing a-water.-main therein with appur- tenances thereto, in accordance with the legislation heretofore passed by the Village Council with respect thereto, to pay the property otiners' share of the cost_and expense of, said improvement, it is hereby declared necessary to issue and there shall be .issued notes of sa~,d Village in the amount of X21,000.00. _ Sec. t~. Tha.t such anticipatory notes in the amount aforesaid shall be 3ssued~L~earing interest at such-rate not exceeding three per centum (3~) per annum as maybe fixed by the Village Clerk in his award of said-notes .at private sale, such interest to be payabl®_at maturity; Said notes shall be dated as of the day of issuance and sha71 mature on or before one year from such date. Such notes snail be executed and delivered in such number and such denominations as may be requested by the purchaser thereof. Sa3,d note shall bear interest at the rate of !~-1/2~ per annum after me.turity.. Sec. 5. Such notes shall be executed by the Mayor and Village Clerk and bear the seal of the corporation. They sha]1 be payable at the Main Office of the National City Bank of Cleveland, Ohio; they shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance.