Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-10-13
ORDINANCE NO: 277

IION Or 1f1E LEV oE Or T.
CIAL ASSESSMENTS AND IN
ANTICIPATION OF THE IS
sUANCE OF BONDS TO PAY
THE PROPERTY OWNERS
AND THE VILLAGES POR-
TIONS OF THE COST OF I'M
PROVING APLE AVE -
NUE. IN SAID VILLAGE BY
AVING SAID S T R E E T
WITH TWO, ONE AN D
ONE-HALF INCH COURSES
OF TBS ASPHALTTC CON-
CRETE AND DEC L A r I N G
AN EMERGENCY.
WHEREAS, the Council OF
the Village of Chardon h
heretofore by proper legiSla =
ton declared the necessity OF
improving Maple Avenue in
said Village by paving S aid
Maple Avenue with two, one
and one-half inch courses of t
35 asphaltic concrete, and de-
claring an emergency.
WHEREAS, Council, b a e 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 1T
ORDAINED, by the Council OF
the Village of Chardon, Gea-
uga County, Ohio;
Section /. That it is hereby
declared necessary to u
bonds of the Village of Char
don in the principal sum OF
$14,425.0O for the purpose of
paying the property owners
portion, in anticipation of the
collection of special assess =
ments, and the Villages portion
of the costs of improving Ma
pie Avenue in said Village, by
pa wing said street with
two. one and one half in
ch courses of TBS aSphaltic con-
crete between the termini and
in the manner provided in Res
olution No. 23-1955, adopted Aug
ust II, 1855. Of said amount
the villages portion is 81 $1,000
and the property owne r S
portion is $13, 10000.
Section 2. That said bonds
shall be dated approximately
August 1St, 1856, shall b r
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 the +
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 Improvements, it is
hereby declared necessary to
issue and there shall be issued
a note of said Village in the
principal amount of $14, ,425 90
Section 4. That such antici-
patory note in the amount a.
foresaid shall bear interest al
the rate of three per centum
g per cent? per annum, with
provision that in the event ot
default 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 OF
Issuance and shall mature on
or before one year from said
date.
Section 5. Such note shall be
executed by the Mayor n d
Clerk and bear the seal of the
corporation. 1t shall be payable
at the office of The Middlefield
Banking Company, Middlefield
o. and shall expr ess
upon it's face t he 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 e S of said inn
provement 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 T. 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 Mid
dlefield Banking Company, Mid
dlefield, 0. at the par value
thereof, 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 of Chardon 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 re-
ceiVed from the sale of the