Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1955-10-20

at the office of Chardon Saw
ingS Bank Company, Ch r.
don, o. and shall be express
sed upon its face the pur-
pose for which it is issued and
that it is issued pursant 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 expe es 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 tn
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 bon d S
anticipated by said note and
any excess funds reSul i 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 p e d g e d
for such purpose.
Section 8. In the event that
such assessments are not lev
ied Or bonds are not issued to
provide q fund for the pay =
ment Of said note at matr-
ity. a general tax shall e
levied against all of the proper
ty in said Village for the pay
ment of such note and the in
tereSt thereon; provided, how
ever that curing the year or
years while such note runs
ther' shall be levied on all the
taxable property in said Viii
iage, in addition ID all other
taxes a direct tax annu a lily
not less than that which would
have been levied for the Vii
lagos portion Of said note, if
bonds had been issued there
fore without the prior issue OF
such note
Said tax shall be and is here
by orderded computed, certified
levied and extended upon the
tax duplicate and collected BY
the same officers, H. the sa {
manner and at the same time
that taxes for general purpose
for each of said years are GER
titled, extended and collected
Said tax shall be placed be
fore and in preference to al
other items and for he full a
mount thereof. The funds de
rived from said tax levieS here
: by required shall be placed il
separate and distinct fund
which, together with the inter
est collected on the same, shall
be irrovocably pledged for tht
: payment Of the principal an(
interest of said note or tn
5 bonds in anticipation of whicl
J it is issued when and as tn
same falls due.
Section 10. The Clerk is here
S by directed to forward a certi
= fled copy of this ordinance t.
= the County Auditor.
l Section II. This ordinance /
! hereby declared to be an EN-
ergency measure necessary TO
| the immediate preservation O
I the public health, safety AM
: welfare of said Village and 70
the further reason that the i'm
' mediate issuance and sale Q
e the note herein authorized
: necessary to enable the VII
I lage to enter into a construC
I ton contract to provide the i'm
! provement described abov
e which is urgently required
= protect the health of the abu
n ting owners and the inhabitant
: of the Village eliminate es
y listing hazards to pedestrian
e and vehicular traffic; wherefor
! this ordinance shall be in fu
/ force and effect from and in
J, mediately after it's paSsag
S and approval by the Mayor.
e Passed and adopted this
n day of September, 1855.
T., Vain Parsons
/ President of Council
q Attest:
: Jennie G. Davidson,
Clerk
S Approved:
y D. c. MuChmOre
I Mayor 2Cl
+ NOTICE OF ELECTION on
j. ISSUE OF BONDS
Il NOTICE is herebV given tn;