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

antlclpatlon or the collectlOn OF
special assessments, the cost
of improving Maple Avenue by
curbing and installing storm
sewers where necessary togeth-
er with necessary appurtenan-
ceS in the manner provided in
Resolution No. 17-1956, adopted
July IL, 1856.
Section 2. That said bonds
shall be dated approximately
September l, 1857, shall bear
interest at the estimated rate of
three per centum { 3 percent)
per annum, payable semi-annu-
ally until the principal sum is
paid, and shall mature in ten
substantially equal installmentS
after their issuance.
Section 3. 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, it is hereby de-
clared necessary to issue and
there shall be issued notes of
said Village in the principal
amount of SIS, 1000.
Section 4. That such anticipa-
tory notes in the amount afore-
said shall bear interest at the
estimated rate of three g per
cent? per centum per annum
payable Semi-annually. S u h
notes shall be dated as Of the
date of issuance and shall ma
ture on or before one year from
said date, and shall be in such
denominations as requested by
the purchaser.
Section 5. Such notes shall be
executed by the Mayor and
Clerk and bear the seal Of the
corporation, and shall be pay
able at The ChardOn Savings
Bank Co., ChardOn, Ohio, and
each 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 lmprOVem n t
aforesaid. 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
notes and the interest thereon
until both are fully provided for
Section 7. Subject to rejection
Of the notes by the Village Trea-
surer as officer in charge Of the
bond retirement fund. said notes
shall be and are hereby awarded
to The ChardOn Savings Bank
Co., ChardOn, Ohio, at the par
value thereof, and the Treasurer
is hereby authorized and direC-
ted to deliver such notes, when
executed, to said purchaser up
on payment of such purchase
price. The proceeds of such sale
shall be paid into the proper
fund and used for the purpose
for which said notes are being
issued under the provisions Of
this ordinance
Section 8. Said notes shall be
the full general obligation Of the
Village and the full faith, credit
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 anticipated by
said notes and any excess funds
resulting from the issuance OF
said notes shall to the extent
necessary be used only for the
retirement Of said notes at ma,
turity, together with interest
, thereon, and is hereby pledged
for such purpose.
Section g. In the event that
such assessments are not levied
or bonds are not issued to pro.
vide a fund for the payment OF
said notes at maturity, a genera,
tax shall be levied against al,
Of the property in said Village
for the payment of such notes
and the interest thereon.
: Section 10. The clerk is hereby
directed to forward a certified
copy of this ordinance to the
County Auditor.
Section II. This resolution il