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ORDINAR~E No. 522 ~y ~. Strater TO PROVIDE FOR THE ISSUE OF NOTES IN ANTICIPATION OF THE LEVY OF. SPEC?AL, ASSES. SMENTS ARID IlJ.ANTICIPATION OF THE. ISSUANCE - ~ BONDS _, IN ANTICIPATION . C~' THE .COLLECTION. OF SPEC?AL ASSESSMENTS. FOR, THE., IN7PROVEI~'~NT OF -SOM. CENTER_RQAI) 7r~REAS, the Council of the Vi1L~.ge of Mayfield has heretofore by legislation declared the necessity of,_improving SOM Center Road by constructing a lb" water main and appurtenances therein, _.-_ _ NOW, THEREFORE, HE IT ORDAIR]ED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD: ... ~...- -, _ - - - -- ~ ~ -. - - ~ .. ~ - - - - . _ Sec.- 1. That it i.s hereby declared necessary to issue the bonds of the Village iai -the principal sum of X21,300.00 for the purpose of raising money.., in anticipation of the `collection of special assessments for the improvement of SOM Center Road from Hig~ilmnd Road in a Northerly direction 2l~00 feet bg the_constructon and installation-.of a water main and appurtenances, as provided for in Resolution No. 291 adopted on the 1$th day of July, 1955. Sec. 2. That said bonds shall be dated September ].st, 1956 shall bear interest now estimated at three and one-half_per centum (3-3,/2~~ per annum, payable semi-annually and shall mature in ten annual installments after their issuance. Sec a. 3. That for .~ he purpose of raising. money in anticipation of the levy .of .special assessments and in anticipation of the issuance of bonds in antieipatiozi, ,of the: collection, "of special assessments for the improvement of the above .nainecl: street . by constructing a water main thereinwith appur- tenances thereto, in .accox^dar~ce- with the ~ legislation heretofore passed by the Vi1la.ge Council with' respect thereto, to pay the property owners'-- share of the cost .and expense.,,of said improvement., it is .hereby declared necessary to issue and there .sha11: be issued notes of said Village in `the amount of X21,300.00.;:.; . ~ ~ ~ ~ ~ _ ~ . Seca- ~.. That such anticipatory notes ,in the amount aforesaid shall be issued_,bear~~ng =interest at such,. rat`s ,not exceeding -three` per centum (3~) per annum as may be fixed by the Village Clerk in his award of said notes .at private sale, such interest to be_payable_at maturity.°- Said notes shall be dated as o_f :.the ~ day of ,issuance and shall mature on ~ or ~ before one yea~^ from such date: -•~ SticYi notes :rha~'1e' `executed and delivered in -such number and such denominations as may be requested by the purchaser thereof. Said note shall bear interest at the rate of ~.-1/2~ per annum after maturity..„ See. 5. Such notes sha71 be executed by the Mayor and Village Clerk and bear t~ seal of the corporation. They shaL1 be payable at the 'Off~.ce~.:..~_._ of the Treasurer of the Vi7.lage of Mayfield, Ohio ~ they sha11 express upon their face the purpose for w~'uch they are issued and-that they are issued pursuant to this ordinance.