Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-09-22
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ORDINANCE NO. 274

ORDINANCE NO. 274
AN ORDINANCE TO PRO
VIDE FOR THE ISSUAN c E
OF A NOTE IN ANTICIPA-
TION OF THE LEVY OF SPE-
CIAL ASSESSMENTS AND IN
ANTICIPATION OF THE is =
SUANCE OF BONDS TO PAY
THE COST OF IMPROVING
MEMORIAL DRIVE IN CHAR
DON VILLAGE, OHIO, BY
PAVING SAID MEMORI A L
DRIVE WITH TWO, ONE AND
ONE-HALF INCH COURSES
OF TBS ASPHALTIC CON =
CRETE, FOUR INCH CON-
CRETE CURBS, STORM SEW
ERS AND CATCH BASINS,
AND DECLARING AN EMER-
.GENCY.
WHEREAS, the Council of
the Village of Chardon h a S
heretofore by proper legisla-
tion declared the necessity of
improving Memorial Drive in
said Village by paving said
Memorial Drive with two, one
and one-half inch courses of T.
35 aSphaltic concrete, four inch
concrete curbS, storm sewers
and catch basins, and declaring
an emergency, and
WHEREAS, Council, ba 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 $7,425.00
NOW THEREFORE, BE TT
ORDAINED, by the Council of
the Village of Chardon, Gea-
uga County, Ohio;
Section l. That it is hereby
declared necessary to is u
bonds of the Village of Char
don in the principal sum of
ST, ,425 90 for the purpose of pay
ing, in anticipation of the col
lection of special assessments,
the cost of improving Memoir
ial Drive in said village b y
paving with two, one and one
half inch courses of TBS as
phaltic concrete, four inch con-
crete curbS, storm sewers and
catch basins between the ter
mini and in the manner pro-
vided in Resolution No. 27-
1855, adopted August 18th, 1855.
Section 2. That said bonds
shall be dated approximately
August 1st, 1856, shall bear
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 tn e i r
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 improvement, it is
hereby declared necessary to
issue and there shall be issued
a note of said Village in the
principal amount of ST 7,425.00.
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
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 and
Clerk and bear the seal of the
corporation. It shall be payable
at the office of Chardon Saw
ings Bank Company, c h r
don, o. and shall be express
sed upon it's 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
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
said note, when eXecu-