1963 816 Ordinance - Laserfiche WebLink

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ORDINANCE No. 816 By Mr. tr7edler AN ORDINANCE TO PROVIDE FOR THE ISSUE OF A NOTE IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN.ANTICTPATION OF THE ISSUANCE OF BONDS IN ANTICIPATION OF THE_COLLECTION_OF_SPECIAL ASSESSMENTS FOR THE „ Ir1PROVENIE_NT OF . GdILSON 1~IILI,S ROAD WHEREAS, the Council of the Village of Mayfield, Ohio, has heretofore by legislation declared the necessity of improving Wilson Mills Road by constructing sidewalks thereon. NOW THEREFORE, BE IT ORDAINED BY THE COUNCII~ OF THE VILLAGE OF PIAYFIELD, CUYAHOGA COUNTY.., OHIO, THATa _ Sec. 1. That it is hereby declared necessary to issue bonds of the Village of Mayfield in the sum of $10,800.00 for the purpose of raising money in anticipation of the collection of special assessments for the improvement of Wilson NIills Road in the Village of Mayfield, Ohio, betweeh: the.~termini described in Resolution No. 562 adopted May 20, 1963, by the construction of sidewalks thereon. Sec. 2. That said bonds shall be dated September lst,1964 , shall bear interest now estimated at~three and one-half per centum (3-1/2%) per annum, payable semi-annually, and shall mature in f ive (5) substantially equal 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 said street by constructing concrete sidewalks thereon to pair the property owners4 share of the cost and expenses of said improvement, it is hereby declared necessary to issue and there shall be issued a note of said Village in the sum of $10,800.00. Sec. 4. That such anticipatory note in the amount of oresaid shall be issued bearing interest at such rate not exceeding two and one-half percent (2-1/2%) per annum as may be fixed by the Village Clerk in his award of said notes a~ private sale, such interest to be payable at maturity, Said note shall be dated as of issuance and shall mature on or before one year from such date.