Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1960-12-15
ORDINANCE NO. 352

ORDINANCE NO. 352
AN ORDINANCE TO PRO
VIDE FOR THE ISSUANCE
AND SALE OF A NOTE IN
ANTICIPATION OF THE IS
SUANCE OF BONDS FOR
CONSTRUCTING A FIRE
PROOF ADDITION TO AND
REMODELING THE EXIST
ING NONFIREPROOF VII
LACE HALL AND IMPROV-
ING THE SITE AND PUR-
CHASING EQUIPMENT
FURNITURE AND FURNI-
SHINGS THEREFOR. AND
DECLARING AN EMERG-
ENCY.
WHEREAS, pursuant to or
dinance No. $50, passed Aug
uSt 7, 1858, a note in the prin-
cipal amount of $4,000 dat
ed December Is, 1859, was
issued for the purpose here
matter stated, to mature on
or before one year from the
date of such note; and
WHEREAS, it appears ad-
viSable in lieu of issuing
bonds at this time to issue a
new note in anticipation of
the issuance Of bonds to re-
tire, together with other fund
funds available, such out
standing note; and
WHEREAS, the fiscal Off
Ger has issued her Supplem-
entail certificate as to the
maximum maturity Of the
bonds anticipated and to the
notes herein authorized;
NOW, THEREFORE, BE 1T
ORDAINED by the Council
of the Village of Chardon, Ge-
auga County, Ohio:
Section l. That it is deem
ed necessary 20 issue bonds
of the VillagL of Chardon, in
the principal sum Of $6,500.
to construct a fireproof addi-
ton to md remodeling the eX-
listing nonfireproof Village
Hal and improving the site
a.id purchasing equipment,
furniture a nd furnishings
therefor.
Section 2. That said bonds
shall be dated approximate
ly December l, 1851, shall
bear interest at the estimat-
ed rate of four per Centum
per annum, payable semi-an-
nually until the principal sum
is paid, and shall mature in
ten substantially equal an
nual installmentS after their
issuance.
Section 3. That for the pur-
pose Of raising money in an
ticipation of the aforesaid
bonds for the above deScrib-
ed Improvement, and to pay
and retire said existing note
dated December IS, 1859, it
is hereby declared necessary
to issue and there shall be is
sued a note of said Village in
the amount of $6,500.00.
Section 4. Such anticipatory
note shall bear interest at the
rate of four per Centum per
annum, payable at maturity;
shall be dated December IS.
1859 and shall mature on or
before one year from said
date.
Section 5. Such note shall be
executed by the Mayor and
Clerk and bear the seal of the
corporation; shall be pay
able at the office Of The Cha
rdon Savings Bank COMPANY
Chardon, Ohio; and shall eX-
press upon it's face the pur-
pose for which it is issued and
that it is issued pursuant to
this ordinance.
Section 6. Said note shall be
first offered to the Treasurer
as officer in charge of the
Bond Retirement Fund, and
if not taken by said fund shall
be offered to the Treasury In
vestment Account for pur-
chase, and if not taken eth
er by said fund or said ac-
count shall be sold by the
Treasurer at private sale at
an interest rate specified in
the offer of the purchaser but
not exceeding the rate men,
toned in Section 4 thereof for
not less than par and accru-
ed interest, and the proceeds
from such sale except any
premium and accrued inter-
est thereon shall be paid in
to the proper fund and used
WITH ORD. NO. 352
for the purpose aforesaid and
for no other purpose. Any
premium and accrued inter
est shall be transferred to the
Bond Retirement Fund to be
applied in the payment Of
principal and interest Of said
note in the manner provided