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

IA ANO - AAN hNA4IAI n llAJN Or
THE LEVY OF SPECIAL AS
SESSMENTS AND IN ANTICI-
PATTON OF THE ISSUANCE
OF BONDS TO PAY THE PRO-
PERTY OWNERS AND THE
VILLAGES PORTIONS OF |
THE COST OF IMPROVING
MAPLE AVENUE BY APPLY
ING ASPHALTIC CONCRETE |
AND DECLARING AN EMER-
GENCY.
WHEREAS pursuant to Ordin-
ance No. 277. passed September
%, 1855, note in the principal
amount of $l4, ,425, dated October
II, 1855, was issued for the pur-
pose hereinafter stated, to ma
ture 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 is
sue 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 1T
ORDAINED by the Council of
the Village Of Chardon, Geauga
County, State Of Ohio:
Section l. That it is hereby
declared necessary to issue
bonds of the Village of Chardon
in the principal sum of $14, ,42S
for the purpose of paying the
property owners portion, in an
ticipation of the collection of
special assessments, and the vii
lagos portion of the cost OF
improving Maple Avenue by ap-
plying asphaltic concrete be-
tween the termini and in the
manner provided in Resolution
No. 23-1955, adopted August II,
1855. OF said amount the vii
lagos portion is $1,316, and the
property owners portion Is
$l3, ,109.
Section Q. That said bonds
shall be dated approximately
October /, 1857, shall bear in
terest at the estimated rate
of three per centum (three pei
cent? per annum, payable semi
annually, until the principa
sum is paid, and shall mature
in ten substantially equal an
nual installments after thei
issuance.
Section 3. That for the pur
pose Of raising money in anti
cipation of the levy and collec
tion of special assessments ant
of the issuance of the aforesaid
bonds for the above describet
Improvement, and to pay an,
retire said existing note dates
October II, 1855, it is hereb,
declared necessary to issue an
there shall be issued a not
of said Village in the principa
amount of $14 ,425.
Section 4. That such anticipa
tory note in the amount afore
said shall bear interest at tn
rate of three per centum 6 pei
cent? per annum, with provisio
that in the event of default sue
note shall bear interest at tn
rate of four per centum { 4 pei
cent? per annum, such interes
to be payable at maturity. Sue
note shall be dated October L
1856, and shall mature on c
before one year from said datt
Section 5. Such note shall b
executed by the Mayor an
Clerk and bear the seal OF tn
corporation. 1t shall be payabl
at the office of The Middlefiel
Banking Co., Middlefield, Ohi'
and shall express upon its fac
the purpose for which it is i
sued and that it is issued pu
suant to this ordinance.
Section 6. All assessments CO
lected for the improvement
foresaid, and any unexpende
balance remaining in the in
provement fund after the cos
and expenses of said improv
ments have been paid, shall
applied to the payment of sa'
note and the interest theree
until both are fully provided TO
Section Z. Subject to the r
lection of said note by Il
Treasurer for investment in Il
bond retirement fund, said no
shall be and hereby is awardt
and sold to The Middlefie
Banking Co., Middlefield, Obi
at the par value thereof; al
the Treasurer Is hereby authc
lied and directed to deliver sa
note. when executed, to Sa
purchaser upon payment OF SUI
purchase price and accrued
terest to the date Of deliver
The proceeds of such sale shs
be paid into the proper ful
and used for the purpose +
which said note is being ISSUE
under the provisions Of this {
dinance.
Section 8. Said note shall
the full general obligation OF q
Village and the full faith, cree
and revenue Of said Village a
hereby pledged for the prom
payment Of the same. The p
L. Ln ronoiuoH from IA