09-65 Issue $400K notes in anticipation of current revenues

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ORDINANCE NO. 9-65 BY: Messrs. Huffman, Usher,. Ward, Wendling, Bennett, Cain, Gaydos. AN EMERGENCY ORDINANCE to provide for the issuance of a note in the amount of Four Hundred Thousand Dollars in anticipation of current revenues for the fiscal year i965 other than from the proceeds of taxes, except advances thereon. WHEREAS, the amount estimated to be received from current revenues other than the proceeds of taxes, less all advances thereon~ is at least $5,8C0,0OO; and WHEREAS, Council has determined that there is urgent present need for funds of the City to be used for the purposes for which the aforesaid revenues are collected and appropriated, and deems it necessary to borrow Four Hundred Thousand Dollars ($400,000), and to issue a note to evidence such borrowing upon the terms herein set forth; and WHEREAS, this Council, by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which is nec- essary to provide moneys to discharge the lawful obligations of the City and to provide for the payment of the regular daily expenses of all departments of the City by the issuance of the note hereinafter described; NOW~ THEREFOBE~ BE IT ORDAINED by the Council of the City of Lakewood, Cuyahoga County, Ohio: Section l~ That it is hereby determined to be necessary to borrow the sum of Four Hundred Thousand Dollars ($400,000) in anticipation of the collec- tion of current revenues in and for the fiscal year 1965, other than from the~ proceeds of taxes~ and to issue a note to evidence such borrowing. Section 2o That such note shall be dated the date of issuance thereof~ shall bear interest at the rate of two and one quarter per centum ( 2 1/4%) per annum,~payable at maturity~ shall mature on or before six months from the date thereof and shall be payable at the office of Society National Bank of Cleve~ land, Cleveland, Ohio. For the payment of the principal and interest, of said note the sums to be received from the current revenues anticipated by said note are hereby appropriated for the payment of the principal thereof and interest thereon at maturity. Section 3. Said note shall be executed by the Mayor and Director of Finance and bear the seal of the corporation. It shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 4~ S~id note shall be first offered to the Director Of Finance as officer in charge of the Bond Retirement Fund, and if not taken by said fund shall be and hereby is awarded and sold to Society National Beak of Cleveland~ Cleveland, Ohio, at par and accrued interest, if any. Theproceeds of such sale shall be paid into the proper fund of the City: and shall be used for the purposes for which the revenues anticipated thereby are collected and approp- riated. · d Section 5. It is hereby determine and declared that the amount of said note does not exceed one-half (1/2)of the amount estimated to be received~from current revenues in and for the fiscal year 1965 other than from the proceeds of taxes, less any advances thereon, and it is further determined and declared that no other notes have been issued in anticipation of said revenues.