Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-02-16
ORDINANCE NO. 2s7

NOTE OF THE VILLAGE OF
CHARDoN IN ANTICIPATION
OF THE ISSUANCE OF BONDS
TO PAY THE COST OF CON-
STRUGGLING AN g. INCH Wa
TER MAIN IN FIFTH AVE-
NUE. FROM THE END OF THE
EXISTING MAIN WESTERLY
TO CENTER STREET AND
THENCE SOUTHERLY IN
CENTER STREET FROM FTF-
tn AVENUE TO THE END OF
THE EXISTING MAIN, A DIS
TANCE OF APPROXIMATELY
27Oo FEET, AND DECLARING |
AN EMERGENCY.
WHEREAS, this Council has
requested the Clerk to issue her
certificates as to the estimated
life OF the improvement herein
after mentioned and the maxi
mum maturity of the bonds
hereinafter referred to and OF
a note to be issued in anticipa-
ton Of said bonds, and the Clerk
has certified to this Council such
estimated life as at least five
years and has further certified
the maximum maturity Of such
bonds as forty years and such
note as two years, or one year
If sold privately;
NOW, THEREFORE BE TT
ORDAINED by the Council of
the Village of Chardon. Geauga
County, Ohio:
Section /. That it is deemed
necessary to issue bonds OF the
village of Chardon. in the prin-
cipal sum of SIT 900 to pay the
cost of constructing an 8 inch
water main in Fifth Avenue
from the end of the existing
main westerly to Center Street
and thence southerly in Center
Street from Fifth Avenue to the
end of the existing main, a dis
tance of approximately 270o
feet.
Section 2. That said bonds
shall be dated approximately
February /, 1857; shall bear in
terest at the rate Of three and
one half per centum per an
mum, payable semi annually
until the principal sum is paid,
and shall mature In five subStan-
TALLY equal annual installents
after their issuance.
Section 8. That it is necessary
and this Council hereby deter
mines that a note in the princi.
pal amount of SIT 900 shall be
issued in anticipation of the Is
suance of said bonds. Such anti.
cipatory note shall bear interest
at the rate of three per centum
g per cent? per annum with
provisions that in the event Oh
default such note shall bear in
terest at the rate of for per cen
tum "A per cent? per annum
such interest to be payable al
maturity; shall be dated the
date of issuance and shall ma
ture on or before one year from
said date.
Section 4. Such note shall be
executed by the Mayor and
Clerk and bear the seal Of the
Village, shall be designated iva
ter Main Note, shall be pay
able at the office of The Cleve
land Trust Company, Cleveland
Ohio, and shall express on its
face the purpose for which il
is issued and that it is issued
pursuant to tbs ordinance.
Section S. Said note shall be
first offered to the officer ir
charge of the Bond Retirement
Fund and if it shall not be tax
en- by said officer shall be and
hereby is awarded and sold tc
The Cleveland Trust Company
Cleveland, Ohio, and the pro
ceeds from such sale shall be
paid into the proper fund anc
used for the purpose aforesaid
for which purpose said money
Is hereby appropriated. ANY
premium and accrued interest
together with the capitalized in
terest, if any, shall be transfer
red to the Bond Retirement Funo
to be applied in payment oi
principal and interest of sale
note in the manner provided by
law.
Section 6. Said note shall be
the full general obligation of the
Village and the full faith, credit
and revenue of such Village are
hereby pledged for the prompt
payment of the same. The PAL
value to be received from the
sale of the bonds anticipated by
said note and any excess funC
resulting from the, issuance oi
said note shall to the extent nee.
essary be used only for the re.
tirement of said note at matur,
ity, together with interest there
on, and is hereby pledged fol
such purposes.
Section 7, During the year OF
years while such note runs there
shall be levied on all the tax
able property in the Village o1
Chardon, in addition to all other
taxes, a direct tax annually
not less than that which WoulC
have been levied if bonds hac
been issued without the prior
issue of such notes. Said taz
shall be and is hereby ordered
computed, certified, levied anC