72-190 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. ~ ~ O G~ . By 2 AN ORDINANCE AUTHORIZING THE ISSUANCE OF $56,200 NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF RGSUHE'ACII~ WALTER ROAD BL+"iRT LORAIPT RQAD AND MAPLE RIDGE ROAD, AND DECLARING AN EMERGENCY. WHEREAS, the fiscal officer of the City has certified the maximum maturity of bonds anticipated and to the notes herein authorized; NOWT THENEF'ORE, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio; Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $56,200 for the purpose of resurfacing Walter Road between Lorain Road and Maple Ridge Road, and to the extent necessary to pay not to exceed one year's interest on such bonds or notes issued in anticipation thereof. Section 2. That said bonds shall be dated approximately November 1, 1973, shall bear interest at the estimated rate of five per centum (5y6) per annum, payable semi-annually, until 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 issuance of the aforesaid bonds it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $56,200. Section ~+. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding five per centum (5~) per annum, payable at maturity, and at such rate after maturity not exceeding eight per centum (8~0) per annum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated as of the date of their issuance and shall mature one year from such date, and shall be in such denominations as may be requested by the purchaser. Section 5. Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the main office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the refection of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Section ~+. The proceeds fraan such sale, except any premium and accured interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Tt is hereby certified that it is not expected that the proceeds of the issue of such notes will be used in a manner that would cause such notes to be arbitrage bonds under Section 103(d) of the Internal Revenue Code of 195+,