Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-09-15
ORDINANCE NO. 274

CIAL ASSESSMENTS AND IN
ANTICIPATION OF THE IS
SUANCE OF BONDS TO PAY
THE COST OF IMPROVING
MEMORIAL DRIVE IN CHAR
DON VILLAGE, OHIO, B Y
PAVING SAID MEMORI A L
DRIVE WITH TWO, ONE AND
ONE-HALF INCH COURSES
OF TBS ASPHALTIC CON =
CRETE, FOUR INCH CON
CRETE CURBS, STORM SEW
ERS AND CATCH BASINS,
AND DECLARING AN EMER-
GENCY.
WHEREAS, the Council Of
the Village of Chardon h a S
heretofore by proper legisla-
tion declared the necessity of
improving Memorial Drive in
said Village by paving said
Memorial Drive with two, one
and one-half inch courses of T.
35 asphaltic concrete, four inch
concrete curbS, storm sewers
and catch basins, and declaring
an emergency, and
WHEREAS, Council, ba d
upon actual construction bids
received and estimates of OF
her costs, has found and deter
mined that the total estimated
cost of said improvement will
not be less than ST 7,42500;
NOW THEREFORE, BE 1T
ORDAINED, by the Council of
the Village of Chardon, Gea-
uga County, Ohio;
Section l. That it Is hereby
declared necessary to is Su e
bonds of the Village of Char
don in the principal sum of
ST ,425 90 for the purpose of pay
ing, in anticipation of the col
lection of special assessments,
the cost of improving Memoir
ial Drive in said village by
paving with two, one and one
half inch courses of TBS as
phaItic concrete, four inch con-
crete curbS, storm sewers and
catch basins between the ter
mini and in the manner pro-
vided in Resolution No. 27-
1855, adopted August 18th, 1865.
Section 2. That said bonds
shall be dated approximately
August 1st, 1856, shall bear
interest at the estimated rate
of three per centum g per
cent per annum, payable semi
annually, until the principal
sum is paid, and shall mature
in ten substantially equal an
nual inStallmentS after tn I
issuance.
Section 3. That for the pur-
pose of raising money in an
ticipation of the levy and col
lection of special assessments
and of the issuance Of the a
foresaid bonds for the above
described Improvement, it is
hereby declared necessary 10
issue and there shall be issued
a note of said Village in the
principal amount of ST ,425.O 90.
Section 4. That such antlcl-
patorv note in the amount a
foresaid shall bear interest at
the rate of three per centum
g per cent? per annum, with
nrovision that in the event OF
6efault such note shall bear
interest at the rate of four per
centum "A per cent? per an
mum, such interest to be pay
able at maturity. Such note
shall be dated as of the date Oh
issuance and shall mature on
or before one year from SAID
date. u ho
executed by the Mayor ana
clerk and bear the seal OF tile
cornoration. It shall be payaole
At the office of Chardon say
inps Bank Company, { n / =
don o. and shall be eXpreS-
Sod upon it's face the pur-
noSe for which it is issued ana
that it is issued pursuant 10
this ordinance. ,o,,4.
section 6. All assessment"
collected for the improvement
a aforesaid, and any meXpenaeo
balance remaining in the I'M
fund after the costs
and expenses OF Sa!d
Improvement have been palo
shall be applied to the pay
went Of said note and the m
terest thereon until ooth "Ie
fully provided for. ,,o ro-
St Section 7. Subject to the re- re-
lection of said note by Vlie
for investment ~
the bond retirement tuno' S"!o
note shall be and hereby Is
a warded and sold to Charooh
SAVINGS Bank Company, @ Chal-
don O., at the par value thele t
If. and the Treasurer IS hele
nv authorized and directed u
deliver said note, when eXecu-
ted to said purchaser upon pay
ment of such purchase prlce;
The proceeds of such sale Shali s
be ~ paid into the proper fnna mo
and used for the purpose lo5
which said note is being ISSUED
Inder the provisions OF TINS or
= Section 8. Said note shall be
he full general obligation OF
he village and the full taltn'
,redit and revenue of said W.
age are hereby pledged 1or Vhe
orompt payment of the same;
rhe par value to be recelVo
rom the sale of the oondS
anticipated by said note ana
avceSS funds reSul II 3