Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1961-12-21

lnStallmentS AFTER tnelr lSSu-
ance.
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, 1860, it
is hereby declared necessary
to issue and there shall be is
sued a note Of said Village in
the amount of $4,0O0.00.
Section 4. Such anticipatory
note shall bear interest at the
rate of three per centum per
annum, payable at maturity;
shall be dated December Is,
1861, 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 payable
at the office Of the Clerk =
Treasurer of the Village of
Chardon, Ohio; and shall eX-
press upon its 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 either
by said fund or said account
shall be sold by the Treasurer
at private sale at an interest
rate specified in the offer Of
the purchaser but not exceed
ing the rate mentioned in Sec
ton 4 hereof for not less than
par and accrued interest, and
the proceeds from such sale
except any premium and ac-
crued interest thereon shall
be paid into the proper fund
and used for the purpose a.
foreSaid and for no other pur-
pose. Any premium and ac-
crued interest shall be trans
ferred to the Bond Retire
ment Fund to be applied in
the payment of principal and
interest of said note in the
manner provided by law.
Section T., Said note shall be
the full general obligation of
the Village and the full faith,
credit and revenue Of such
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 S a d
note and any excess fund
resulting from the issuance of
said note shall to the extent
necessary be used only for the
retirement of said note at
maturity, together with inter-
est thereon, and is hereby pie
dyed for such purpose.
Section 8. During the year
or years while such note runs
there shall be levied on all
the taxable property in the
Village of Chardon, in addi-
ton to all other taxes, a direct
tax annually not less than
that which would have been
levied if bonds had been is
sued without the prior issue
of such note. Said tax shall be
and is hereby ordered compu-
ted, certified, levied and ex-
tended upon the tax duplicate
and collected by the same Of
ficerS, in the same manner
and at the same time that
taxes for general purposes for
each of said years are certifi-
ed, extended and collected
Said tax shall be placed be-
fore and in preference to all
other items and for the full a.
mount thereof. The funds de-
rived from said tax levy her
by required shall be placed in
a separate and distinct fund
which, together with the in
terest collected on the same,
shall be irrevocably pledged
for the payment of the prin-
cipal and interest of said note
or the bonds in anticipation of
which it is issued, when and
as the same fall due.
Section 9. It is hereby deter
mined and recited that all
acts, conditions and things
necessary to be done, preced-
ent to and in the issuing of
said note in order to make it
a legal, valid and binding OBJ
legation of the Village of
Chardon, have been done and
performed in regular and due
form as required by law; and
that no limitation of indebted
ness Or taxation, either sta
utory or constitutional will
have been exceeded in the is
Suance of said note.
Section 10. The Clerk is here
by directed to forward a cert
flied copy of this ordinance to
the County Auditor.