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

improving Memorial Drive by |
applying asphaltic concrete and /
curbing, storm sewers
and catch basins between the
termini and In the manner pro-
viced in Resolution No. 29-l955,
adopted August II, 1855.
Section 2. That said bonds |
shall be. dated approximately |
October l., 1857, shall bear in
terest at the estimated rate of
three per centum t3 per cent? |
per annum, payable semi-annu-
ally, until the principal sum
is paid, and shall mature in
ten substantially equal annual
installments after their issu-
ance.
Section 8. That for the pur-
pose of raising money in anti
cipation Of the levy and col
lection of special assessments
and of the issuance of the afore-
said bonds for the above de-
scribed Improvement, and to
pay and retire said existing note
dated October II, 1855, 1t is
hereby declared necessary to is
sue and there shall be issued
note of said Village in the prin-
cipal amount of 81 7,425.
Section 4. That such anticipa-
tory note in the amount afore-
said shall bear interest at the
rate of three per centum 6 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 amum, such interest
be be payable at maturity. Such
note shall be dated October II,
1856; and shall mature on or
before one year from said date.
Section S. Such note shall be
executed by the Mayor and
tClerk and bear the seal Of the
corporation. 1t shall be payable
at the office of The Chardon
Savings Bank Company, Char
don, Ohio, and shall express up
on its face the purpose for which
it Is issued and that it is is
sued pursuant to this ordinance
| Section 6. All assessments col
Ilected for the Improvement a.
foresaid, 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 saio
note and the interest Thereon
until both are fully provided for
Section Z. Subject to the re-
lection of said note by the Trea'
surer for investment in the bono
retirement fund, said note shall
be and hereby is awarded anC
sold to The Chardon Saving.
Bank Company, Chardon, Ohio
at the par value thereof; ant
the Treasurer is hereby author
ized and directed to deliver saiC
note, when executed, to sait
purchaser upon payment of sucl
purchase price, and accrued in
terest to the date of delivery
The proceeds of such sale shal
be paid into the proper fund ant
used for the purpose for Whicl
said note is being issued unde
the provisions of this ordinance
Section 8. Said note shall b
the full general obligation of tn
Village and the full faith ere
dit and revenue of said Villag
are hereby pledged for tn
prompt payment of the same
The par value to be receive
from the sale of the bonds ant
cipated by said note and an
excess funds resulting from tn
issuance Of said note shall t
the extent necessary be used OF
ly for the retirement of sal
note at maturity, together wit
interest thereon, and is hereb
pledged for such purpose.
Section 8. In the event ths
such assessments are not lie,
led or bonds are not issued I
provide a fund for the paymer
of said note at maturity, gel
eral tax shall be levied again'
: all of the property in said vi
] lage for the payment of sue
:, note and the interest thereon
: Section 10. The Clerk is her
by directed to forward a ce
, titled copy of this ordinance
!, the County Auditor.
Section IL. This ordinance
) hereby declared to be an eme
: : gency measure necessary fl
!; the immediate preservation
!. tn public peace, health ar
!, safety of said Village and fl
: the further reason that the in
mediate issuance and sale
the note herein authorized
necessary to provide funds
& enable the Village to retire i
= existing Indebtedness and ther
= by preserve its credit; wher
fore this ordinance shall be
full force and effect from al
} Immediately after it spassag
r Passed October Is, 1856.
II Jennie G.. Davidson
s. Clerk
J. Vain Parsons
= Mayor R2c
IT
! ORDINANCE NO. 2ss