Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-10-25

improvements, dIiu bU pay ana
retire said existing note dated
October IL, 1865, 1t is hereby
declared necessary to issue and
there shall be issued a note
of said Village in the principal
amount of Sl4,425.
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 [ 4 per-
cent? per annum, such interest
to be payable at maturity. Such
note shall be dated October IL,
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 Middlefield
Banking Co., Middlefield, Ohio,
and shall express upon its face
the purpose for which it is is
sued and that it Is issued pur-
suant 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
ments have been paid, shall be
applied to the payment of said
note and the interest thereon
until both are fully provided for,
Section Z. Subject to the re-
lection Of said note by the
Treasurer for investment in the
bond retirement fund, said note
shall be and hereby is awarded
and sold to The Middlefield
Banking Co., Middlefield, Ohio
at the par value thereof; and
the Treasurer is hereby author.
lied and directed to deliver said
note, when executed, to sale
purchaser upon payment of such
purchase price and accrued In
terest to the date of delivery
The proceeds of such sale shall
be paid into the proper func
and used for the purpose fol
which said note is being ISSUED
under the provisions of this or
dinance.
Section 8. Said note shall be
the full general obligation of the
Village and the full faith, credi
and revenue of said Village are
hereby pledged for the promp
payment of the same. The pal
value to be received from the
sale of the bonds anticipated by
said note and any excess fund:
resulting from the issuance o.
,, said note shall to the exten
necessary be used only for the
retirement of said note at sale
maturity, together with interes
thereon, and is hereby pledged
for such purpose.
Section g. In the event tha
such assessments are not lev
led or bonds are not issued Il
provide fund for the paymen
of said note at maturity, a gen
eral tax shall be levied agains
all of the property in said Vii
lage for the payment of sucl
note and the interest thereon
provided, however, that during
the year or years while suci
note runs there shall be leviec
on all the taxable property il
said Village, in addition to al
other taxes. a direct tax annual
ly not less than that which
would have been levied for tht
Villages portion of said note
if bonds had been issued there
fore without the prior issue O.
said note.
Said tax shall be and is here
by ordered computed, certified
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 purposes
for each of said years are Ger
titled, extended and collected
Said tax shall be placed before
and in preference to all other
items and for the full amount
thereof. The funds derived from
said tax levieS hereby required
shall be placed in separate
and distinct fund, which, togeth
er with the interest collected or
the same, shall be irrevocably
pledged for the payment of the
principal and interest of saic
note or the bonds in anticipa.
tion of which it is issued when
and as the same falls due.
Section 10. The Clerk is here
by directed to forward a Ger.
titled copy of this ordinance to
the County Auditor.
Section IL. This ordinance is
hereby declared to be an emer-
gency measure necessary fo1
the immediate preservation OF
the public health, safety and
welfare of said Village and for
the further reason that the i'm
mediate issuance and sale OF
the note herein authorized is
necessary to provide funds to
enable the Village to retire its
existing Indebtedness and there
by preserve its credit; where
for this ordinance shall be in
full force and effect from and
Immediately after its passage
Passed October Is, 1856.
Jennie C.. Davidson
Clerk
Vain Parsons