1957 580 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 580 By:1~Ir, Falk Seconded..by Mr. Hopkins TO PROVIDE FOR THE ISSUE OF NOTES IN ANTICIPATION OF THE LEVY Or SPECIAL ASSESSMENTS_AND IN AN-TICIPATION OF THE ISSUANCE OF BONDS IN APd^1ICTPATIOTd OF THE COLLECTION Or SPECIAL ASSESSI~iVTS .FOR. THE IP~ROVE- MEAIT Or . LANDER ROAD. _. _ TvJi-IEREAS, the Council of the Village of T~1a,~~field has heretofore by legislation declared the necessity of improving Zander Road by constructing a 1?_" water main and appurtenances herein. - RTOT~7, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE, VILL4GE OF ~AYFIELDs _ _ --. Sec. 1. That it is hereby declared necessary to issue the bonds of the Village in the principal sum of ~p15,000.00 for the purpose of raising money in anticipation of the collection of special assessments fo-r the improvement of Lander Road from -6Tilson ~i11s Road in a Southerly direction to the South corporation line of the Village of T'tayfield by the construction and installation of a water main and appurtenances as provided for in Resolution No. 363 adopted on the 26th day of November' 1956. Sec. 2. That said bonds shall b dated July 1,-1958, shall bear interest now estimated at ~~ (four percentum).per annum, payable semi- annually and shall mature i.n ten 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 constructing a water main therein with appur- tenances thereto, in accordance ti~ith the legislation heretofore passed by the Village ,.Council with respect thereto, to pay the property oUmers' share of the cost~~and expense of said improvement, it is hereby declared necessary to issue and there shall be issued notes of said Village iri the amount of X15,000.00. Sec. ~.. That such anticipatory notes in the amount aforesaid shall be issued bearing interest at such rate not exceeding two and three-fourths per centum (2=3/19) 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 of the day of issuance and shall mature on or before one year from such date. Such notes shall be 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 two and three-fourths per ceritum_per annum after maturity.