Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-09-22

sed upon its face the pur-
pose for which it is issued and
that it is issued pursuant to
this ordinance.
Section 6. All assessments
collected for the improvement
aforesaid, and any unexpended
balance remaining in the i'm
provement fund after the costs
and expen nSeS Of said
provement and expenses of said
Improvement have been paid
shall be applied to the pay =
ment of said note and the in
terest thereon until both are
fully provided for.
Section 7. Subject to the re-
lection of said note by the
Treasurer for investment in
the bond retirement fund, said
note shall be and hereby is
awarded and sold to Chardon
Savings Bank Company, Char
don, O., at the par value there
of; and the Treasurer is here
by authorized and directed to
deliver said note, when execu-
ted, to said purchaser upon pay
ment of such purchase price.
The proceeds of such sale shall
be paid into the proper funds
and used for the purpose for
which said note is being issued
under the provisions of this Or
dinance.
Section 8. Said note shall be
the full general obligation of
the Village and the full faith,
credit and revenue of said Viii
lage are hereby pledged for the
prompt payment of the same.
The par value to be receivd
from the sale of the bonds
anticipated by said note and
any excess. funds resul / n g
from the issuance of said note
shall to the extent necessary
be used only for the retire
ment of said note at matur-
ity, together with interest there
on, and is hereby pledged
for such purpose. .,..
Section 9. In the event that
such assessments are not lev
led or bonds are not issued to
provide a fund for the pay
ment of said note at matur-
ity, a general tax shall be
levied against all of the proper
ty in said Village for the pay
ment of such note and the in
terest thereon; provided, how
ever that during the year or
years while such note runs
there shall be levied on all the
taxable property in said vii
lage, in addition to all other
taxes a direct tax n n u y
not less than that which would
have been levied for the Vii
lagos portion of said note, il
lagos portion of said note, il
bonds had been issued there
fore without the prior issue Of
such note.
Said tax shall be and is here
by ordered computed, certified
levied and extended upon the
tax duplicate and collected by
the same officers, in the same
manner and at the same time
that taxes for general purposes
for each of said years are Ger
titled, extended and collected
Said tax shall be placed be
fore and in preference to al
other items and for the full a
mount thereof The funds de
rived from said tax levies here
by required shall be placed il
a separate and distinct fund
which, together with the inter
est collected on the same, shall
be irrovocably pledged for tht
payment of the principal ant
interest of said note or the
bonds in anticipation of which
it is issued when and as the
same IallS que.
Section 10. The Clerk is here
by directed to forward a certi
fled copy of this ordinance tt
the County Auditor.
Section II. This ordinance |!
hereby declared to be an EN-
ergency measure necessary fol
the immediate preservation o
the public health, safety anc
welfare of said Village and fol
the further reason that the i'm
mediate issuance and sale o
the note herein authorized i!
necessary to enable the Vii
lage to enter into a construc
ton contract to provide the i'm
provement described bow
which is urgently required tt
protect the health of the abut
ting owners and the inhabitant
of the Village eliminate ex
listing hazards to pc d S trian
and vehicular traffic; wherefore
this ordinance shall be in full
force and effect from and i'm
mediately after its passage
and approval by the Mayor.
Passed and adopted this
day of September, 1855.
Vain Parsons
President of Council
Attest:
Jennie C. Davidson