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z9 ORDINANCE No. 875 By Mr. Belzer AN ORDINANCE PROVIDING FOR THTi ISSUANCE OF $25,000.00 OF GENERAi. OBI,IGt1TI0N _BONDS OF TfIE VIII,AGE OF MAYEIELD, OHIO, FOR THE PURPOSE OF PAYING THE COST_OF CONSTRUCTING_AND _ EQUIPPING A NEW MUNICIPAI. BUII,DING TO HOUSE THE SERVICE DEPARTMENT VEHICLES AND TO ALTER, REEAIR, AND IAIPROVE THE VILZAGfi NAI,L WHEREAS, the fiscal officer has certiEied 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 bonds to be issued to pay the cost of makino such improvements is 20 years; and WHEREAS, the new building is to be constructed on the same site as the present Village Hall is on and will permit additional space to be made available in the Village Hall to house expanding services of the Village. NOW TNEREFORE BE IT ORDAINED BY THE COUNCIL OF THE VILI.AGE OF MP.YFIELD, CUYAHOGA COUNTY AND STATE OF OHIO:, Sec. 1. That it is necessary to issue bonds of the Village of playfield, Ohio, in the principal sum of $25,000.00 for the purpose of paying the Village's portion of the cost of constructing and equipping a new Municipal Building to house the Service Department vehicles and to alter, repair, and improve the Village Hall. Notes shall not be issued in anticipation of the issuance oE said bonds. Sec. 2. That such bonds will be in the denomination of $1,000.00 each, shall be numbered from 1 to 25, both inclusive, shall be dated the lst day of March, 1965, and bear interest at the rate of 3-1/2 per centtffi per annum, payable semi-annually on the lst days of June and December 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 such rate as may be provided for in the resolution of Council approving the award thereof. Said bonds shall mature as follows: $2,000.00 ott the lst day of December in each oE the years 1966 to 1970, both inclusive. $1,000.00 on the lst day of December in each of the years 1971 to 1985, both inclusive, which maturities are hereby determined to be in substantially equal annual installments. The principal and interest of 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 pursuattce of this ordinance> and shall be signed by the Mayor and Clerk, provided that one of such signatures may be a facsimile,and bear the corporate seal of the said