1971 009 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 71-9 BY: MR. LEECH AN ORDIiANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING A PORTION OF THE COST OF RECONSTRUCTING THE VILLAGE HALL HITHERTO DAMAGED BY FIRE AND DECLARING AN EMERGENCY WfIEREAS, the fiscal officer has certified to this Council that the estimated life of the property and improvements hereinafter mentioned is at least five years and that the maximum maturity of the bonds to be issued to pay the cost of said improvement is 20 years and of the note herein authorized•to be five years. NOW, THEREFORE, Be It Ordained by the Council of the Village of Mayfield, Cuyahoga County, Ohio, that: Section 1. It is deemed necessary to issue bonds of the Village of Mayfield in the principal amount of $25,000.00 for the purpose of paying a portion of the cost of reconstructing the Village Hall hitherto damaged by fire. Section 2. Said bonds shall be dated approximately January 1, 1972, will bear interest at the rate estimated at six percentum per annum, payable semi- annually.; and will mature in 20 substantially equal annual installments after their issuance. Section 3. It is necessary and this Council hereby determines that a note in the aggregate principal amount of $25,000.00 shall be issued. Section 4. Said anticipatory note in the amount aforesaid shall be dated as of the date of issuance and shall mature on or before one year from said date of issuance, and shall bear interest at a rate not to exceed six per cent per annum, payable at maturity. i Section 5. Said note shall be signed by the Mayor and Clerk-Treasurer and bear the seal of the corporation. It shall be designated "Village Hall Improvement Note", and shall be payable at the office of Central National Bank, Cleveland, Ohio; it shall express upon its face the purpose for which it is issued and that it is issued pursuant to this Ordinance. Section 6. Subject to the rejection of said note by the Treasurer for investment in the Bond Retirement Fund, said note shall be awarded and sold by the Clerk-Treasurer at an interest rate not exceeding that specified in Section 4 hereof; and the Treasurer is hereby authorized and directed to deliver said note, when executed, to said purchaser upon payment of said purchase price. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this Ordinance. Section 7. Said note shall be a full general obligation of the Village and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess fund resulting from the issuance of