Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-11-01

ted and to the notes herein au- {
shorized. i
NOW, THEREFORE,, BE 1T
ORDAINED by the Council Of
the Village of Chardon, Geauga
County, State Of Ohio:
Section 1. That 1t Is hereby
declared necessary to issue
bonds of the Village of Char I
don in the principal sum of |
$18 1926 for the purpose of pay
ing the property owners portion.
in anticipation Of the collection !
of special assessments, and the |
villages portion of the cost of |
the improving Chardon Avenue
by applying asphaltic concrete
and installing curbS, storm sew
ers and appurtenances thereto
between the termini and in the
manner provided in Resolution
No. 25-1955, adopted August II,
1855, as amended by Resolution
No. 42-1955, adopted October 6,
1855. OF said amount the Viii
lagos portion is S1,683, and the
property owners portion is
SIT .142.
Section 2. That said bonds
shall be dated approximately
october l, 1857, shall bear In
trest at the estimated rate of
three per centum 6 per cent
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 collec-
ton of special assessments and
of the issuance of the aforesaid
bonds for the above described
Improvement, and to pay and re-
tire said existing note dated Oc-
i tober II, 1855, 1t Is hereby de-
clared necessary to issue and
there shall be issued note OF
said Village in the principal a
mount of $l8,825.
Section 4. That such anticipa-
tory note in the amount afore-
said shall bear interest at the
rate of three per centum g per-
cent? per annum, with provision
that In the event of default such
note shall bear interest at the
rate OF four per centum "a pei
cent? per annum, such interest
to be payable at maturity. Such
note shall be dated October II
1856, and shall mature on or be.
fore one year from said date
Section S. Such note shall be
executed by the Mayor anc
Clerk and bear the seal of the
corporation. 1t shall be payable
at the office Of The Chardor
Savings Bank Company, Char
don, Ohio, and shall express
upon its face the purpose fol
which 1t is issued and that 1t Ii
! issued pursuant to this ordin
ance.
Section 6. All assessments col
lected for the Improvement a
foresaid and any unexpectet
| balance remaining in the i'm
i provement fund after the cost
: and expenses of said improve
mentS have been paid, shal
) be applied to the payment Q
! said note and the interest there
on until both are fully provide,
3 for.
. Section 7. Subject to the re
lection of said note by tn
i Treasurer for investment in tn
s bond retirement fund, said not
! shall be and hereby is aWarde
: and sold to The Chardon Say
: ings Bank Company, ChardoI
: Ohio, at the par value thereof
4 and the Treasurer Is hereby al
4 thorized and directed to delive
. said note, when executed, I
said purchaser upon payment {
such purchase price and az
= crued interest to the date {
! delivery. The proceeds of sue
:. sale shall be paid into the prol
= er fund and used for the pul
:. pose for which said note is b.
= ing issued under the provision
: of this ordinance.
= Section g.. Said note shall b
!. , the full general obligation of tn
Village and the full faith, or,
! dit and revenue of said Villag
= are hereby pledged for tf
!. prompt payment of the sam,
!, = The par value to be receive
!, from the sale of the bonds al
g ticipated by said note and an
: :, excess funds resulting from tt
= issuance of said note shall to tt
!, extent necessary be used on
g for the retirement of said mo-
i i at maturity, together with il
= :. terest thereon, and is heret
= pleged for such purpose.
q Section g.. In the event tn;
e. such assessments are not le
ia led or bonds are not issued
ID provide a fund for the paymel
e of said note at maturity, a ge
eral tax shall be levied again
all the property in said "
lage for the payment of SUI
note and the interest theret
a provided however that durir
- the year or years while ssut
note runs there shall be levit
on all the taxable property
J. said Village, in addition to 9
F other taxes a direct tax ann
D. ally not less than that whit
s. would have been levied for Il
T. Villages portion of said not