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

sion in said village by paving
said Maple Avenue Estension
with two, one and one-haf inch
courses of TBS asphaltic con-
crete, four inch concrete curbs,
storm sewers and catch pas-
ins; and
Whereas, Council, based up
on actual construction bids re-
ceived and estimates of other
costs, has found and determin-
ed that the total estimated cost
of said Improvement will not
be less than SIT 1925. 90;
NOW, THEREFORE, BE 1T
ORDAINED by the Council of
the Village Of Chardon, Geau-
ga County, Ohio:
Section /. That it is hereby
declared necessary to issu e
bonds of the Village of Chardon
in the principal sum of $17,325
90 for the purpose of paying
in anticipation of the collection
of special assessments, t h e
cost of improving Maple Ave
niue Extension by paving with
two, one and one-half inch
courses of TBS asphaltic con-
crete, four inch concrete curbs,
storm sewers, and catch baS-
ins, between the termini and
in the manner provided in Re-
solution No. 29-1955, adopted
June 18th, 1855.
Section 2. That said bonds
shall be dated approximate | y
August /, 1856, shall bear in
terest at the estimated rate of
three per centum g per cent?
per annum, payable seminar
nually, until the principal sum
is paid, and shall mature in
ten substantially equal annual
installments after their isSuan-
ce.
Section 3. That for the pur-
pose Of raising money in antici-
patton of the levy and collec-
ton of ecial assessments
and of the issuance of the a.
foreSaid bonds for the above
described Improvement, it is
hereby declared necessary to
issue and there shall be is
sued note of said village in
the principal amount of ST.
1926. 90.
Section 4. 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, with
provision that in the event of
default such note shall bear in
terest at the rate of four per
centum a per cent )per an
mum, such interest to be pay
able at maturity On or before
one year from said date.
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 and
Clerk and bear the seal of the
corporation. It shall be pay
able at the office of the Char
don Savings Bank Company,
Chardon, Ohio, and shall ex =
press upon it's face the purpose
for which it is issued and that
it is issued pursuant to this
ordinance.
Section 6. All asSeSsm n t s
collected for the improvement
aforesaid, 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 the
Treasurer for investment in the
bond retirement fund, said note
shall be and hereby is awarded
and sold to the Chardon Saw
ingS Bank Company, Chardon,
Ohio, at the par value thereof;
and the Treasurer is hereby
authorized and directed to de-
liver said note, when executed,
to said purchaser upon pay
ment of such purchase price.
The proceeds of such sale shall
be paid into the proper fund
and used for the purpose for
which said note is being is
sued under the provisions 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 the
prompt payment of the same.
The par value to be e e iv-
ed from the sale of the bonds
anticipated by said note and
any excess funds resulting from
the issuance of said note shall
to the extent necessary be
used only for the retirement
of said note at maturity. to-
gether with interest thereon.
and is hereby pledged for such
purpose.
Section 8 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 mauur-
ity, general tax shall be lev
led against all of the property
in said Village for the pay
~, ont of c,1an nnfo or1 +ha in