Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-11-01
ORDINANCE NO. sO2


VIDE FOR THE ISSUANCE OF
A NOTE IN ANTICIPATION OF
THE LEVY OF SPECIAL AS
SESSMENTS AND IN ANTICI.
PATTON OF THE ISSUANCE
OF BONDS TO PAY THE COST
OF IMPROVING MAPLE AV.
ENUE EXTENSION BY AP.
PLYIN G ASPHALTIC CON-
c r e T E AND INSTALLING
CURBING, STORM SEWERS
AND CATCH BASINS AND DE
CLARING AN EMERGENCY.
WHEREAS pursuant to Or
dinance No. 273, passed Septem-
ber 8, 1855, a note in the prin-
cipal amount of $17, 1926, dated
October II, 1855, was issued
for the purpose hereinafter sta
ted, to mature on or before one
year from the date of such
note, and
WHEREAS, by reasons of de-
lay in completion of construc-
ton it has proved impossible to
issue the bonds anticipated by
said note in order to retire the
same, and
WHEREAS, to preserve the
credit of the Village it is es.
Sential to issue a new note to
retire such outstanding note
and in anticipation of the issue
OF bonds, and
WHEREAS, the fiscal officer
has certified to the maximum
maturity of the bonds anticipa-
ted and to the notes herein au-
thorized.
NOW, THEREFORE, BE IT
ORDAINED by the Council OF
the Village of Chardon, Geauga
County, State of Ohio:
Section /. That it is hereby
declared necessary to issue
bonds of the Village of Char
don in the principal sum OF
$l7,325 for the purpose of pay
ing, in anticipation of the col
lection Of special assessments,
the cost of improving Maple Av-
enue Extension by applying as
phaltic concrete and installing
curbing, storm sewers and
catch basins between the ter.
mini and in the manner provid.
ed in Resolution No. 27-I955, a.
dopted June 16, 1855.
Section 2. That said bonds
shall be dated approximately
October l, 1857, shall bear in.
tereSt at the estimated rate OF
three per centum g percent)
per annum, payable semi-annu.
ally, until the principal sum is
paid, and shall mature in ten
substantially equal annual in.
Stallments after their issuance
Section 8. That for the pur.
pose of raising money in anti.
cipation of the levy and col.
lection of special assessments
and of the issuance of the a.
foresaid bonds for the above de
scribed improvement, and tC
pay and retire said existing
note dated October II, 1855, i
is hereby declared necessar,
to issue and there shall be is
sued a note of said Village ii
the principal amount of SIT 1926
Section 4. That such anticipa
tory note in the amount afore
said shall bear interest at the
rate Of three per centum e per
cent? per annum, with proyi
sion that in the event of de.
fault such note shall bear in.
tereSt at the rate of four per
centums a percent) per annum
such interest to be payable al
maturity. Such note shall be
dated October II, 1856, and
shall mature on or before one
year from said date.
Section 5. Such note shall
be executed by the Mayor and
Clerk and bear the seal of the
corporation. 1t shall be payable
at the office of The Chardon
Savings Bank Company, Char
don, Ohio, and shall express up
on its face the purpose for which
1t is issued and that it is is
sued pursuant to this ordinance
Section 6. All assessments col
lected for the improvement a.
foresaid, 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
note and the interest thereon
until both are fully provided for.
Section 7. Subject to the re-
lection of said note by the Trea-
surer for investment in the bond
retirement fund, said note shall
be and hereby is awarded and
sold to The Chardon Savings
Bank Company, Chardon, Ohio,
at the par value thereof; and
the Treasurer is hereby author
pEed and directed to deliver
said note, when executed, to
said purchaser upon payment
of such purchase price, and ac-
crued interest to the date OF
delivery. The proceeds of such
sale shall be paid into the pro-
per fund and used for the pur-
pose for which said note is be-
ing issued under the provisions
of this ordinance.
Section 8. Said note shall be
the full general obligation of the
Village and the full faith, Gre
dit and 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 an