Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-10-13

mSS Bank Company, - II d
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 s. All assessments
collected for the Improvement
aforesaid, and any unexpended
balance remaining in the i'm
provement fund after the costs
and expe nSes of said i'm
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 t h e
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 received
, from the sale of the b o n S
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 maturity
, together with interest there
| On, and is hereby pl d G d
: for such purpose.
Section 9. In the event that
| such assessments are not lev,
led Or bonds are not issued tc
provide a fund for the pay
rent of said note at matur
ity, general tax shall b {
levied against all of the proper
ty in said Village for the pay
ment of such note and the in
terest thereon; provided, how
2 ever that curing the year ol
- years while such note runs
there shall be levied On all the
, taxable property in said Vii
q lage, in addition 10 all othel
= taxes a direct tax annua lily
! not less than that which would
Y have been levied for the Vii
= lagos portion of said note, l.
Z bonds had been issued there
5 fore without the prior issue O.
: such note
: Said tax shall be and is here
by orderded computed, certified
Z levied and extended upon the
! tax duplicate and collected by
} the same officers, LII the Sal4e
? manner and at the same time
6 that taxes for general purposes
9 for each of said years are Ger
5 titled, extended and collected
} Said tax shall be placed be
: fore and in preference to al
other items and for The full a
II mount thereof. The funds de
s rived from said tax levieS here
= by required shall be placed il
Il separate and distinct fund
n which, together with the inter
d est collected on the same, shall
e be irrovocably pledged for The
: payment of the principal anc
n interest of said note or the
S bonds in anticipation of which
it is issued when and as the
same falls due.
d Section 10. The Clerk is here
S by directed to forward a certi
: fled copy of this ordinance tt
: the County Auditor.
d Section H. This ordinance i.
j hereby declared to be an EN-
ergency measure necessary fol
I the immediate preservation O
t the public health, safety anc
: welfare of said Village and fol
the further reason that the i'm
Y mediate issuance and sale O.
e the note herein authorized is
: necessary to enable the Vii
t lage to enter into a construc
t ton contract to provide the i'm
provement described a bov {
which is urgently required tc
protect the health of the abut
/ ting owners and the inhabitants
= of the Village - eliminate ex.
7 listing hazards to pedestrians
and vehicular traffic; wherefore
= this ordinance shall be in full
= force and effect from and i'm
, mediately after it's passage
and approval by the Mayor.
Passed and adopted this
day of September, 1855.
, Vain Parsons
= President of Council
Attest:
Jennie C. Davidson,
Clerk
Approved:
D. c. Muchmore
Mayor 2c42
. NOTICE OF ELECTION ON
ISSUE OF BONDS
NOTICE is hereby given that
in pursuance of a Resolution of