Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-11-17


costs. has found and determined
that the total estimated cost of
said Improvement will not be
less the $22 10000;
NOW, THEREFORE, BE IT
ORDAINED by the Council of
the Village of Chardon, Geauga
County, Ohio:
Section /. That it is hereby
declared necessary to issue
bonds of the Village of Char
don in the principal sum of
$22, 100000 for the purpose of
paying, in anticipation of the
collection of special assess
mentS, the cost of improving
Daniels Drive by paving with
2540 square yards of inch
TBS aSphaltic concrete "a feet
in width, together with 1910
gallons of Prime NC, 2540
square yards Of 6 inch
Bib base, 6 catch basins,
1000 ineal feet of concrete
storm sewers and 1915 lineal
feet of concrete curbs together
with such other materials in
let's and other things necessary
to grade and pave said street,
construct curbing and to car
ry Off storm waters, between
the termini and in the manner
provided in Resolution No. 38-
1855 adopted Sc pt ember> 9th,
1855.
Section 2. That said bonds
shall be dated approximately
August 1856 shall bear in
terest at the estimated rate of
three per centum g per cent?
per annum payable e m i -, an
nually, until the pr n C ip a
sum is paid and shall ma
ture in twenty substantially
equal semi-annual inStallments
after their 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 afore-
said bonds for the above des-
cribed improvement it is here
by declared necessary to issue
and there shall be issued a
note of said village in tn e
principal amount of $22 ,OO0. 90.
Section A. That such antici-
patory note in the amount a.
foresaid shall bear interest at
the rate of three per centum
g per cent? per annum. Such
note shall be dated as for the
date of issuance and shall
mature on or before one year
from said date.
Section 5. Such note shall be
executed by the Mayor and
the Clerk and bear the seal of
the corporation. 1t shall be pay
able at the office of The Cleve-
land Trust Company, Cleveland,
Ohio, and shall express upon its
face the purpose for which it
is issued and that it is issued
pursuant to this ordinance.
Section 6. All assessments col
lected for the improvem ent a.
foresaid, and any unexpended
balance remaining in the i'm
provement fund after the costs
and expenses of said improve
ment have been paid, shall be
applied to the payment of said
note and the interest thereon
until both are fully provided
for.
Section 7. Subject to the re-
lection of said note by t h e
Treasurer for investment in the
bond retirement fund said note
shall be and hereby is awarded
and sold to The Cleveland Trust
Company, at the par value
necessary to enable the village
thereof; and the Treasurer is
hereby authorized and directed
to deliver said note, when ex-
ecuted, to said purchaser upon
payment of such pur chase
price. The proceeds of su c h
sale shall be paid into the pro-
per fund and used for the pur-
pose for which said note Is
being issued under the provi =
SiOnS of this ordinance.
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 t h e
same. The par value to be re-
ceived from the sale of the
bonds anticipated by said note
and amy excess funds resulting
from the issuance of said note
at maturity, together with in
terest thereon, 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 maturity,
a general tax shall be levied a
gainst all of the property in
said village for the payment of
such note and the interest there
on.
Section 10. The Clerk is here
by directed to forward a GER
titled copy of this ordinance to
the County Auditor.
Section II. This Ordinance is
hereby declared to be an en-
ergency measure necessary for
the immediate preservation of
the public health, safety and
welfare of said village and for