Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-01-19


stallments after the issuance
thereof, and both principal and
interest shall be payable at the
office Of the legal depositary of
the Village presently the Char
don Savings Bank Company,
Chardon, Ohio. Said bonds shall
be signed by the Mayor and the
Clerk of the Village and the
interest coupons attached there
to shall bear the Clerks facts
imile signature.
Section 8. That it is necessary
and this Council hereby deter
mines that notes in the princi-
pal sum of $4,000. 90 shall be is
sued in anticipation of the is
suance of said bonds. Such an
ticipatory notes shall bear in
interest at the rate of three per
centum per annum, payable at
maturity; shall be dated the
date of issue and shall mature
on or before one year from their
date. Such notes shall be execu-
ted and delivered in such num-
Der and denominations as may
be requested by the purchaser.
Section 4. That such notes
shall be executed by the Mayor
and the Village Clerk, shall bear
the corporate seal of the vii
lage, shall be payable at the
office of The Cleveland Trust
Company, Cleveland, Ohio, and
shall express on their face the
purpose for>which they are is
sued and that they are issued
pursuant to this ordinance.
Section 5. That said notes
shall first be offered TO the
Treasurer of the Village as the
officer having charge of the
bond retirement fund of the Viii
lage and so many of the same
as shall not be taken by said
officer shall be sold at private
sale for not less than par and
accured interest; the proceeds
from the sale of said notes,
except the premium and ac-
crued interest thereon, shall be
used for the purpose for which
said notes are issued and for
no other purpose, and the pre-
MUM and accrued interest re-
ceived from such sale shall be
transferred to the Bond Retire
ment Fund to be applied in the
payment of the principal and
interest of said notes in the man
ner provided by law.
Section s. Said notes shall be
the full general obligations of
the Village and the full faith,
credit and revenue of such Will
age are hereby pledged for the
prompt payment of the same.
The par value to be received
from the sale of the bonds an
ticipated by said notes and any
excess fund resulting from the
issuance of said notes shall to
the extent necessary be used
only for the retirement of said
notes at maturity, together with
interest thereon, and is hereby
pledged for such purpose.
Section Z. During the years
while such notes run there shall
be levied on all the taxable pro-
: perty in the Village of Chardon,
in addition to all other taxes, a
direct tax annually not less than
that which would have been
levied if bonds had been issued
without the prior issue of such
notes. Said tax shall be and is
hereby ordered, computed, certi-
fled, levied and extended upon
the tax duplicate and collected
by the same officers, in the
same manner and at the same
time that taxes for general pur-
poses for each of said years
are certified, extended and col.
lected. Said tax shall be placed
before and in preference to al
other items and for the full
amount thereof. The funds de.
rived from said tax levies here.
T by required shall be placed in a
separate and distinct fund
which, together with the interest
collected on the same, shall be
irrevocably pledged for the
payment Of the principal and in
tereSt of said notes or the bonds
In anticipation of which they
are issued, when and as the
same fall due; provided, how
ever, that in each year to the
extent that the income from the
waterworks system is available
for the payment of such notes
and bonds and is appropriated
for such purpose, the amount of
such tax shall be reduced by the
amount of such income so a.
Vailable and appropriated.
Section 8. 1t is hereby deter
mined and recited that all acts.
conditions and things necessary
to be done, precedent to and in
the issuing of said notes in Or
der to make them legal, valid
and binding obligations of the
Village of Chardon, have hap
pened, been done and perform
ed in regular and due form and
as required by law; and that
no limitations or taxation. Ell
ther statutory or constitutional.
will have been exceeded in the
issuance of said notes.
Section 9. The Clerk of the vii
lage is hereby authorized and
directed to forward a certified
copy of this Ordinance to the