Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-08-09

bonds, and the Village Clerk mas
certified to this Council such
estimated life as exceeding five
years and has further certified
the maximum maturity OF such
bonds as ten years and OF such
notes as two years, or one year
if sold privately;
NOW THEREFORE, BE 1T
ORDAINED by the Council Of
the Village of Chardon, State Of
Ohio:
Section l. That it is deemed
necessary to issue the bonds OF
the Village Of Chardon in the
principal sum of SAG, 1000 for the
purpose of acquiring easements
for and constructing S e W er
mains, improving, enlarging and
remodeling the sewage disposal
plant and purchasing laboratory
equipment therefor.
Section 2. That said bonds
shall be dated August l, 1857;
shall bear interest at the rate
of three per centum g 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 the issuance
| thereof.
Section 3. That it is necesS-
ary and this Council hereby de-
termines that a note in the prin-
cipal sum of $4,000 shall be
issued in anticipation of the is
Suance of said bonds. Such an
tlcipatory note shall bear inter
est at the rate Of three per cen
tum 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 per cent? per annum
such interest to be payable at
maturity; shall be dated the
date of issuance and shall ma
ture on or before one year from
that date.
Section 4. That such note shall
be executed by the Mayor and
the Village Clerk; shall bear the
corporate seal of the Village =:
shall be payable at the office of
The Cleveland Trust Company
Cleveland, Ohio; and shall ex-
press on its face the purpose
for which it is issued and that
1t is issued pursuant to this Or
dinance.
Section 5. That said note shall
first be offered to the Treasurer
of the Village as the officer ir
charge of the bond retirement
fund of the Village and if it shall
not be taken by said officer
shall be sold at private sale for
not less than par and accrued
interest; the proceeds from the
sale of said note, except the
premium and accrued interest
thereon, shall be used for the
purpose for which said note is
issued and for no other pur.
pose, and the premium and &C.
crued interest received from
such sale shall be transferred tc
the bond retirement fund to be
applied in the payment of the
principal and interest of sale
note in the manner provided
by law.
Section 6. Said note shall be
the full general obligation of thu
Village and the full faith, credi
and revenue of such Village ar.
hereby pledged for the promp
payment of the same. The pa,
value to be received from tn,
sale of the bonds anticipated b,
said note and any excess fund re
sulting from the issuance o
said note shall to the extent nee
essary be used only for the re
,, tlrement of said note at maturi
ty, together with interest there
on, and is hereby pledged TO
! such purpose.
Section 7. During the year
while such note runs there sha.
= be levied on all the taxable pre-
0 perty in the Village of Chardor
4 In addition to all other taxes,
4 direct tax annually not les
: than that which would have bee
I levied if bonds had been issue
: without the prior issue of sue
note. Said tax shall be and j
Il hereby ordered, computed, Gel
n titled, levied and extended upo
! the tax duplicate and collecte
by the same officers in tn
same manner and at the sam
time that taxes for general puI
poses for each of said wear
are certified, extended and CO
3 lected. Said tax shall be place
- before and in preference to a
other items and for the fu
e amount thereof. The funds d,
If rived from said tax levies her,
}. by required shall be placed in
e separate and distinct fur
: which, together with the inte
/ est collected on the same, sha
v be lrrevoacably pledged for tt
g payment of the principal ar
d interest of said note or the bont
J. in anticipation of which they al
n issued, when and as the san
fall due; provided, howeve
Is that in each year to the exte.
re that the income from the sew
Is system is available for the pa
A. ment of such note and bon
n and is appropriated for SUI
T. purpose, the amount of such ts
E. shall be reduced by the amou