1967 1036 Ordinance - Laserfiche WebLink

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ORDINANCE No. 1036 gy Mr. Davis pN ORDINANCS TO PROVIDE FOR THE ISSUE OF A NOTE IN ANTICIPATION OF THE LEVY OF SPECIAL ASSSSS40TS AND IN ANTICIPATION OF THE ISSUANCE OF BONDS IN ANTICI- PATION OF THE COISdiCTION OF SPECIAL ASSESSMENTS_FOR THE IMPROVRVNT OF WORTON PARK DRIVE. WHEREpS, the Council of the Village of Mayfield, Ohio, has heretofore by legislation declared the necessity of improving Worton Park Drive, from Wilson Mills Road to Hemingway Road, by grading and paving with asphaltic materials, together with all necessary appurtenances therein. NOW THEREFORE BE IT ORDpINED BY THE COUNCI7, OF THE VII,I.AGS OF MAYFIEZD9 CUYAHOGA COUNTY OHIO. THAT: Sec. 1. It is hereby declared necessary to issue bonds of the Village of Mayfield in the sum of $17,500.00 for the purpose of raising money in anticipation of the collection of special assessments far the improvement of Worton Park Drive, from Hemingway Road to Wilson Mills Road, by grading and paving with asphaltic concrete materials, together with all necessary appu=- tenances, as provided i? Resolution No. 704, adopted March 20, 1967. Sec. 2. That said bonds shall be dated September 1; 1968, shall bear interest now estimated at three and one-half per centum (3-1/2%,) per annum, payable semi-annually, and shall mature in ten (10) 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 oE special assessments for the improvement of Worton Park Drive by grading and paving with asphaltic concrete materials, together with all necessary appurtenances thereto, to pay the property owners' share of the cost and expense of said improvement, it is hereby declared necessary to issue and there shall be issued a note of said Village in the amount of $17,500.00. Sec. 4. That such anticipatory note in the amount aforesai:d shall be issued bearing interest at such rate not exceeding three and four-tenths percent (3.47o) per annum as may be fixed by the Village C1erlc-Treasurer in his award of said note at private sale, such interest to be payable at maturity. Said note shall be dated as of issuartce and shall mature on or before one year from such date. Sec. 5. Such note shall be executed by the Mayor and Clerk-Treasurer and bear the seal of the corporation. It sha11 be payable at the office of the Clerk- Treasurer of the Village of Mayfield* Ohio; it shall express upon its £ace the purpose for which it is issued and that it is issued pursuant to this ordinance.