Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-10-20
ORDINANCE NO. 277

OF A NOTE IN ANT1CIPA-
TIoN OF THE LEVY OF sPE-
CIAI. ASSESSMENTS AND IN
ANTICIPATION OF THE Is
sUANCE OF BONDS TO PAY
THE PROPERTY OWNERS
AND THE VILLAGES POR-
TTONS OF THE COST OF I'M
PROVING APLE AV E -
NUE. IN SAID VILLAGE BY
PAVING SAID ST R E E T
WITH TWO, ON E A N D
ONE-HALF INCH COURSES
OF TBS ASPHALTIC CON-
CRETE AND DEC L A R I N G
AN EMERGENCY.
WHEREAS, the Council of
the Village of Chardon h a S
heretofore by proper leglsla :
ton declared the necessity OF
improving Maple Avenue IN
said Village by paving S a i d
Maple Avenue with two, one
and one-half inch courses OF I
35 asphaltic concrete, and de-
claring an emergency.
WHEREAS, Council, b a 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 14,425 90.
NOW THEREFORE, BE IT
ORDAINED, by the Council OF
the Village of Chardon, Gea-
uga County, Ohio;
Section l. That it is hereby
declared necessary to u
bonds of the Village of Char
don in the principal sum OF
Sl4.425. for the purpose OF
paying the property owners
portion, in anticipation of the
collection of special assess E
ments, and the villages portion
of the costs of improving Ma
pie Avenue in said Village, by
pa wing said street witt
two, one and one half in
ch courses of TBS asphaltic con
crete between the termini anc
in the manner provided in Res
olution No. 23-1955, adopted Aus
ust II, 1855. Of said amoun
the Villages portion is 81 ,316.O(
and the property oWne er'
portion is $13, 109.00.
Section 2. That said bonds
shall be dated approximately
August 1st, 1855, shall b a
interest at the estimated ratt
of three per centum g pc
cent? per annum, payable semi
annually, until the principa
sum is paid, and shall mature
in ten substantially equal an
nual installmentS after t he
issuance.
Section 3. That for the pur
pose of raising money In an
ticipation of the levy and col
lection of special assessment
and of the issuance of the a
foresaid bonds for the abov
described Improvements, it i
hereby declared necessary t
issue and there shall be issue
a note of said Village in tn
principal amount of $l4 ,425. OF
Section 4 That such antlc
patory note in the amount
foresaid shall bear interest a
the rate of three per centur
g per cent? per annum, wit
provision that in the event {
default such note shall bea
interest at the rate Of four pc
centum a per cent? per al
mum, such interest to be pa.
able at maturity. Such not
shall be dated as of the date {
issuance and shall mature @
or before one year from sal
date.
Section 5. Such note shall /
executed by the Mayor a n
Clerk and bear the seal of tt
corporation. 1t shall be payab
at the office of The Middlefie.
Banking Company, Middlefiel'
o. and shall expr es
upon it's face he pu
pose for which 1t is issued ar
that it is issued pursuant
this ordinance.
Section 6. All asSeSSmen
collected for the improvemel
aforesaid, and any unexpende
balance remaining in the in
provement fund after the cos
and expen nSes S of said in
provement have been p a
shall be applied to the pa
ment of said note and the i
terest thereon until both a,
fully provided for.
Section 7. Subject to the r
lection of said note by h
Treasurer for investment /
the bond retirement fund, sa
note shall be and hereby
awarded and sold to The Mi
dlefield Banking Company, Mi
dlefield, o. at the par val,
thereof, the Treasurer is her
by authorized and directed
deliver said note, when exec
ted, to said purchaser upon pa
ment of such purchase pric
The proceeds Of such sale shs
be paid into the proper fun'
and used for the purpose f
which said note is being issue
under the provisions of this c
dinance.
Section 8. Said note shall
the full general obligation
the Village of Chardon and t.
full faith, credit and revenue
said Village are hereby pledg
for the DrOn1Ot DoVment Of (