08-65 Issue $400K note in anticipationof current revuenes for 1965

Home Browse Search

0RDI~NC~ NO. 8-65 Messrs. Gaydos, Huffman, Usher, Ward, Wendting, Bennett, Cain. AN EMERGENCY ORDINANCE to provida £or the issuance of a note in the amount of Four Hundred Thousand Dollars in anticipation of current revenues for the fiscal year 1965 from the proceeds of taxes, except advances thereon and taxes to be received from the payment of debt charges~ WHEREAs, the amount estimated to be received from the next ensuing semi- annual settlement of taxes for the fiscal year 1965, to-wit, at the settlement for the first half of 1965, other than taxes to be received for the payment of debt charges and all advances, is $955~635 and of such amount $150~000 has now been received as an advance distribution of such settlement for other than the payment of debt charges~ and WHEEEAS~ Council has determined that there is urgent pres.ent 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 evidencingsuchborrowing upon the terms herein set forth~ and WHEREAS~ t~is Council, by two-thirds vote of the members elected thereto determines that this ordinance is an emergency measure which iS necessary to provide moneys to discharge the lawful obligations of the City and to provide for the payment of the regular daily expenses of all depart- ments of the City by the issuance of the note~ hereinafter described; NOW~ THEREFORE~ BE IT ORDAINED by the Council of the City of Iakewood~ Cuyahoga County~ Ohio: Section 1. That it is hereby determined to be necessary to borrow the sum of Four Hundred Thousand Dollars ($400~0OO) in anticipation of the collection of current revenues in and for the fiscal year 1965~ and to be received from the next ensuing semi-annual settlement of taxes for said fiscal year, namely~ the settlement for the first half of fiscal year 1965~ as estimated by the Budget Commission, and to issue a note to evidence such borrowing. Section 2. 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 Cleveland~ Cleveland~ Ohio. For the payment of the principal and interest of said note t~ sums to be received upon settlement for the 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. Said 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 Bank of Cleveland~ Cleveland~ 0hio~ at par and accrued interest~ if any. The proceeds 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 appropriated.