1970 043 Ordinance - Laserfiche WebLink

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ORDINANCE N0. '70-43 BY: MR: DAVIS AN ORDINANCE TO PROVIDE FOR THE ISSUE OF A NOTE IN ANTICIPATION OF THE ISSUE OF BONDS FOR THE PURPOSE OF PAYMENT OF A PORTION OF THE COST OF MOVING THE PUBLIC UTILITIES IN CONNECTION WITH THE WIDENING OF SOM CENTER ROAD. Be It Ordained by the Council of the Village of Mayfield, Cuyahoga County, Ohio, that: Section 1. It is hereby declared necessary to issue bonds of the Village of Mayfield in the principal sum of $8,000.00 for the purpose of raising money for the payment of a portion of the cost of moving the public utilities in connection with the widening of SOM Center Road. Said bonds shall be dated November 1, 1975, shall bear interest now estimated. at 5% per annum, payable semi-annually, and shall mature in ten annual installments after their issuance. Section 2. For the purpose of raising money for providing the funds required for the purpose of the above described property, it is hereby declared necessary to issue and there shall be issued a note of said Village in the amount of $8,000.00. Section 3. Such anticipatory note in the amount aforesaid shall be issued, bearing interest at such rate not exceeding 5% per annum, as may be fixed by the Village Clerk-Treasurer in his award of said note at private sale, such interest to be paid annually. Said note shall be dated as of the day of issuance and shall mature on or before five years from such date. Said note shall bear interest at a rate not exceeding 5% after maturity. Section 4. Said note shall be executed by the Mayor and Village Clerk- Treasurer and bear the seal of the corporation. It shall be payable at the office of the Clerk-Treasurer of the Village of Mayfield, Ohio, and shall express upon its face the purpose for which it is issued, and that it is issued pursuant to this Ordinance. . Section 5. Said note shall first be offered to the Village Clerk-Treasurer as the office in charge of the Special Assessment Bond Retirement Fund, and if the same shall not be taken by said fund, it shall be sold at private sale by the Village Clerk-Treasurer for not less than par and accrued interest, and the proceeds from such sale, except any prmium and accrued interest thereon, (and the amount thereof necessary for the payment of interest prior to the maturity of said note), shall be paid into the General Fund and used for the purpose aforesaid and for no other purpose, and for which purpose said money is hereby appropriated. Any premium and accrued interest (and the amount necessary for the payment of interest prior to its maturity) shall be transferred to the Special Assessment Bond Retirement Fund to be applied in the payment of principal and interest of said note in the manner provided by law. Section 6. Said note shall be the full general obligation of the Village,