1960 695 Ordinance - Laserfiche WebLink

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OPDTNttNCE No. 695 By NIr,s Brown AN ORDSNANCE TO 7ROVTDE FflR TfE; TuSUE OF NOTE'S IN ANTICIPATION OF THE ISSUE t?F BDA]T)5 F.OR THE FURCI-24SE OF.1k SERVSCE TRUCK, SXLT S E. 17'i,R AND A.CCEISSORTES BE IT t3RD-AINID B'I THE, CflUIVCIT, OF THE VILMGE OF MA,YFTELD' CUYAHOca COUN`.C'Y_' OI-ITO, THA.T: Sec. 1o It i5 hereb,y deelared neeessary to issue bonds of the Village oz Mayfiela in the prineipal sum of $ 6,000;00 for the pu.rpose of raising money for the paymen•t of the purchase priee of a service truck, salt spreader and certain accessories,, Sa3.d bonds shall be dated December 1' 1964, shall bear interest now estima ted at 4% per annurn, payab7.e semi- annual.l.y' and shall mature in ten annual insta3.lments aftex° their issuance. Seco 2. For the purpose of raising.money for providin.g the funds requsred for the purchase of the above d.escribed property, it is hereby declared necessa-ry to issue and there shall be issued a note oi said Village in the amount of $ 6,000.00 . Sec, 3,," Sueh anta.cipatory note in the amount aforesaid shall be issued, bearing int,erest at sucn rate not exceeding 2-5/8J per annutn' as may be fixed by the Vil2age Clerk in his award of said.note at private sale, such interest to be paa.d annuaZly. Said notP shall be dated as of the day of issuance and shall mature on or befare 5 years from such da-tes Said no-te shall bear interest at a rat,e not exceeding 2-5/8% after maturi-ty. _ Sec, 4. Said note shall be executed by fi,he Mayor and Village Clerk and bear the seal of -L-he corporation, It shall be payable at the offi.ce of the Treasure-r of the Village oi Mayfield, Ohio, and shall express upon i-ts face the purpose for whiclz it is zssued, and th.at it is issued pursuant to this ordinance` Sec. 5, Said no?-?,e shall first be oifered to the Vi7lage Treasurex° as the officer in eharge o-L the Bond iZe.tirement Fund, and if the same shall not be taken by said fl:tnds it shall be sold at private sale by the Village Clerlc for nolu less than par and accrued interest, and -the p.roceeds fxom such sale, e:ccept any premium and accz-aed interest thereon, ( and the amount -thereof necessar*y for -the payment oi interest prtior to the maturity of said note)9 sha1,1. be paid in'to the Euildingy Equipment & PZaintenanca Fund and used for the purpose aforesaid and for no other purpose, ancl for .which purpoSQ said money i.s hereby appropriatedo Any premium and accrued interest ( and the amrn.uzt necessary for the payment of interest prior to its maturi-Ly) shall be transferrsci to the Borid Retirement Fund to be applied in the paymen$ of principal and interes-t of said note in the manner provi.deca hy latr&