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ORDINANCE No. 876 By Mr. Plason AN ORDZNANCE PROVIDING FOR THE ISSUANCE OF $10,000.00 OF GENERAL OBLIGATION BONDS OF THE VIIJ.AGE OF MAYFIEI.D, OHIO, FOR THE PURPOSE.OF PAYING TNE VIIS.AGE*S PORTION OF THE COST OE 724PROVING THE WATER SYSTMi OF THE VII,LAGE BY CONSTRUCTING WATER MAINS, TOG&THER WITH THE NECESSARY APPURTENANCES THERETO, AND DECLARING AN Fi°fERGENCY WHEREAS, the fiscal officer has certified to this Council that the estimated life of the property and improvements hereinafter mentioned is at least 5 years and that the maximum maturity of bottds to be issued to pay the cost of making such improvements is 20 years. NOW THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE VII,I.AGTi OF MAYFIELD, CUYAHOGA COUNTY AND STATE OF OHIO: Sec. 1. That it is necessary to issue bonds of the Village of Mayfield, Ohio, in the principal sum of $10,000.00 for the purpose of paying the Village's portion of the cost of improving the water system of the Village by constructing water mains together with the necessary appurtenances thereto; and that such bonds shall be issued in one lot. Notes shall not be issued in anticipation of the issuance of said bonds. Sec. 2. That such bonds will be in the denomination o£ $500.00 each, shall be numbered from 1 to 20,both inclusive, shall be dated the lst day of March, 1965, and bear interest at the rate of 3-1/2:per centum per annum, payable semi-annually on the lst days of June and Decamber of each year, beginning with the lst day of December, 1965, until the principal sum is paid; provided, however, that,if said bonds are sold bearing a different rate of interest than hereinbefore specified, such bonds shall bear sueh rate as may be provided for in the resolution of Council approving the award thereof. Said bonds shall mature as follows: $500.00 on the lst day of December in each of the years 1966 to 1985, both inclusive, which maturities are hereby determined to be in substantially equal annual installments. The principal and interest oE said bonds shall be payable at the Main Office of The Central National Bank of Cleveland, Cleveland, Ohio. Sec. 3. That said bonds shall express upon their faces the purpose for which they are issued and that they are issued in pursuance of this ordinance; and shall be signed by the Mayor and Clerk, provided that one of said signatures may be a Eacsimile, and bear the corporate seal of said Village. The interest coupons which are to be attached to said bottds