Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1958-09-04
ORDINANCE NO. $50

AN ORDINANCE TO PRO
VIDE FOR THE ISSUANCE
AND SALE OF NOTES IN
ANTICIPATION OF THE IS
SUANCE OF BONDS FOR
CONSTRUCTING A FIRE
PROOF ADDITION TO AND
REMODELING THE EXIST
ING NONFIREPROOF WILL
AGE H AL L AND IMPRO-
WING THE SITE AND PUR-
SING EQUIPMENT,
FURNITURE AND 2 u r NJ
ISHINGS THEREFOR. AND
DECLARING AN EMERGEN-
CY.
WHEREAS, the Council of the
Village of Chardon has request
ed the Clerk to issue her certi-
ficate as to the estimated life of
t h e Improvements hereinafter
mentioned and the maximum
maturity of the bonds hereinaf-
ter referred to and of notes to be
issued in anticipation of said
bonds, and the Clerk has certi-
fled to this Council such estimat-
ed life as at least five years and
has further certified the maxi
mum maturity of such bonds as
fifteen years and such notes as
five years, or one year if sold
privately;
NOW, THEREFORE BE TT
ORDAINED by the Council of
the Village of Chardon, Geauga
County, Ohio:
Section l. That it is deemed
necessary to issue bonds of the
Village of Chardon, in the prin-
cipal sum of $4,000 to pay for
constructing a fireproof addition
to and remodeling the existing
nonfireproof Village Hall and
improving the site and purchas-
ing equipment, furniture and
furnishings therefor.
Section g. That said bonds
shall be dated approximately
August l, 1859, shall bear inter
est at the estimated rate of four
and one-half percentum per an
mum, payable semi-annually I'M
til the principal sum- is paid, and
shall mature in ten substantially
equal annual installmentS after
their issuance.
Section 3. That for the purpose
of raising money in anticipation
of the aforesaid bonds for the a.
bove described improvement, it
is hereby declared necessary to
issue and there shall be issud a
note of said Village in the a.
mount of $4,000.
Section 4. Such anticipatory
note shall bear interest at a rate
not to exceed five per centum
per annum, payable at maturi-
ty; shall be dated the date of is.
suance and shall mature on Oh
before one year from the date ot
it's issuance; and shall be deSig-
mated Village Hall Improve
ment Note"
Section 5. Such note shall be
executed by tn e Mayor ano
Clerk and bear the seal of the
corporation; shall be payable al
the office of The Chardon Sav
ings Bank Company, Chardon
Ohio; and shall express upon it,
face the purpose for which it is
issued and that it is issued pur
uant to this ordinance.
Section 6. Said note shall be
first offered to the Treasurer a:
officer in charge of the Bond Re
tirement Fund, and if not taker
by said Fund shall be sold b.
the Treasurer at private sale a
an interest rate specified in the
offer of the purchaser and no
exceeding the rate mentiond il
Section 4 hereof for not less thar
par and a ccrued interest, anc
the proceeds from such sale, eX
cept any premium and accrued
interest thereon, shall be pait
into the proper fund and uset
: for the purpose aforesaid ant
for no other purpose, and 70
which p urpose said money i
hereby appropriated. Any pre-
: MUM and accrued interest shal
, be transferred to the Bond Re
: tirement Fund to be applied il
= tho r,a YIN ont nf Y,yinniy,nI ay,d iy-