Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1957-08-15
ORDINANCE NO. 32I

ORDINANCE NO. 321
AN ORDINANCE AUTHORIZ-
ING THE ISSUANCE OF $780,
900 OF SEWAGE IMPROVE
MENT BONDS OF THE VII
LACE OF CHARDON, OHIO
FOR THE PURPOSE OF AC-
CURING EASEMENTS FOR
AND CONSTRUCTING SEW
Err MAINS, IMPROVING, EN-
LARGING AND REMODEL
ING THE SEWAGE DISPOS-
AL PLANT AND PURCHAS-
ING LABORATORY EQUIP
MENT THEREFOR.
WHEREAS, the Council of the
Village of Chardon, Ohio, has
heretofore by proper legislation
declared the necessity of acquir-
ing easements for and construct
ing sewer mains, improving, en-
larging and remodeling the sew
age disposal plant and purchas-
ing laboratory equipment there
for; and
WHEREAS, at Councils re-
quest the Village Clerk, as fis-
cal officer of the Village, has
certified that the estimated life
of the properties and improve
ments to be acquired and con-
Structed would exceed five (5)
years and that the maximum
maturity of such proposed bonds
would be ten years;
NOW, THEREFORE, BE TT
ORDAINED by the Council of
the Village Of Chardon, Geauga
County, Ohio:
Section /. That it Is necessary
to issue the bonds of the Village
of Chardon In the principal a.
mount of $36, 900 in order to ac-
quire easements for and con-
structing sewer mains, improv-
ing, enlarging and remodeling
the sewage disposal plant and
purchasing laboratory equip
ment therefor; that such bonds
shall be issued in one lot and
that notes have been issued in
anticipation of the issuance Of
said bonds and are about to ma
ture.
Section 2. That said bonds
shall be In the denomination of
ST. 600 each, and numbered from
l to 36, both inclusive, shall be
dated the first day of September,
1857, and shall bear interest at
the rate Of four and one-half per
centum (4-12 per cent? per an
mum, payable semi-annually on
the first day of June and the
first day of December of each
year until the principal sum is
paid, commencing December /,
1857, as evidenced by the cou-
pons attached thereto; provided,
however, that if the bonds are
sold bearing a different rate of
interest than herein specified,
such bonds shall bear such rate
of interest as may be provided
In the resolution of Council ap-
proving the award thereof. Such
bonds shall mature as follows:
"a, 600 on the first day of Decem-
ber from 1859 to 1857, inclusive,
which maturities are hereby de-
termined to be substantially in
equal annual installments.
Section 8. Said bonds shall be
executed by the Mayor and Clerk
and shall bear the corporate seal
of said Village. The interest cou-
ponS attached TO said bonds shall
bear the facsimile signature Of
the Clerk printed or autographed
thereon. They shall be designat-
ed Sewage / m prov e m e n t
Bonds" and shall be payable In
lawful money of the United
States of America at the office
of the legal depositary, present
ly The Chardon Savings Bank
Company, Chardon, Ohio.
Section 4. For the purpose of
providing the necessary funds to
pay the interest on the forego-
ing issue of binds promptly
when and as the same falls due,
and also to provide a fund suf-
ficient to discharge the said SER
ial bonds at maturity, there shall
be and is here by levied on the
taxable property in the Village
of Chardon, in addition to all O.
ther taxes, a direct tax annually
during the period said bonds
are to run in an amount suffi-
cient to provide funds to pay the
interest upon said bonds as and
when the same falls due, and
also to provide a fund for the
discharge of the principal Of said
serial bonds at maturity, which
tax shall not be less than the
interest and sinking fund tax re-
Quired by Section II Of Article
XII of the Constitution of Ohio;
provided that the amount of
such tax may be reduced in any
year by the amount of surplus
funds from the operation Of the
sewage disposal plant which