Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-08-16
ORDINANCE NO. 296

TION OF THE LEVY OF
SPECIAL ASSES S M E N rs
AND IN ANTICIPATION OF
THE ISSUANCE OF BONDS
FOR THE PURPOSE OF I'M
PROVING MAPLE AVENUE
BY CURBING AND INSTALL
ING STORM S E w E r S
WHE RE ESSARY
TOGETHER WITH WITH MES
SARY APPURTE N AN ES
AND DECLARING AN EN-
ERGENCY.
WHEREAS, the Council of the
Village of Chardon has hereto
fore by proper legislation de-
clared the necessity of making
the improvements described in
the title of this ordinance; and
WHEREAS, the Clerk, as fis-
cal officer of the Village, has
certified as to the maximum ma
turity of the bonds proposed to
be issued and also as to the
maturity of the note herein au-
thorized, and
NOW, THEREFORE, BE IT
ORDAINED by the Council of
the Village of Chardon, Geauga
County, Ohio:
Section l. That it is hereby
declared necessary to issue
bonds of the Village of Chardon
IN the principal sum of SIS .OO0
for the purpose of paying, in
anticipation of the collection of
special assessments, the cost
OF improving Maple Avenue by
curblng and installing storm
sewers where necessary togeth-
er with necessary appurtenan-
ceS in the manner provided in
Resolution No. 17-1956, adopted
July IL, 1856.
Section 2. That said bonds
shall be dated approximately
September l, 1857, shall bear
interest at the estimated rate of
three per centum { 3 percent)
per annum, payable Semi-annu-
ally until the principal sum is
paid, and shall mature in ten
substantially equal installments
after their issuance.
Section 8. That for the pur-
pose of raising money in anti
clpation of the levy and collec-
tlon of special assessments and
OF the issuance of the aforesaid
bonds for the above described
Improvement, it is hereby de-
clared necessary to issue and
there shall be issued notes of
said Village in the principal
amount of $4,000.
Section 4. That such anticipa-
tory notes in the amount afore-
said shall bear interest at the
eslmated rate of three g per
cent per centum per annum
payable semi-annually. Such
notes shall be dated as of the
date of issuance and shall ma
ture on or before one year from
said date, and shall be in such
denominations as requested bv
the purchaser.
Section 5. Such notes shall be
executed by the Mayor and
Clerk and bear the seal of the
corporation, and shall be paw
able at The Chardon SAVINGS
Bank Co., Chardon, Ohios and
each shall express upon its face
the purpose for which it is is
sued and that it is issued DUR
suant to this ordinance.
Section 6. All assessments COL
lected for the improvem e n t
aforesaid, and any unexpended
balance remaining in the i'm
proVement fund after the costs
and expenses of said improve
ment have been paid, shall be
applied to the payment of said
notes and the interest thereon
until both are fully provided for
Section Z. Subject to rejection
OF the notes by the Village Trea-
surer as officer in charge of the
bond retirement fund, said notes
shall be and are hereby awarded
to The -Chardon Savings Bank
Co, Chardon, Ohio, at the par
value thereof, and the Treasurer
is hereby authorized and direc-
ted to deliver such notes. when
executed, to said purchaser up-
on payment of such purchase
price. The proceeds of such sale
shall be paid into the proper.
tund and used for the purpose
for which: said notes are being
issued under the provisions Of
this ordinance.
Section 8. Said notes shall he
the full general obligation of the
village and the. full faith, credit
ana revenue of said Village are
hereby pledged for the prompt
payment of the same. The par
value TO be received from the
sale OF the bonds anticipated by
said notes and any excess funds
resulting from the issuance of
SAID notes shall to the extent
necessary be used only for the
retirement of said notes at ma
turlty, together with interest
thereon, and is hereby pledged
for such purpose.
Section 8. In the event that
such assessments are not levied
or bonds are not issued to nro-
vide a fund for the payment of
said notes at maturity, a general
TAX shall be levied against all
OF the property i'm said VILLAGE
tol the payment of such notes
and the interest thereon
S4cti0n IN rTr,o ~r.,