72-156 Ordinance - Laserfiche WebLink

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Cl'i'Y OF NORTH OLt+STND ORDINANCE N0. y~~.~(~ By ~• t SAS, the fiscal officer of the City has certified the ma3d,mum maturity of bonds anticipated and to the notes herein authorized;. NOWT T'ORE~ ~ IT OR[1AINED by the Council of the City of North Olmsted, Cuyahoga Cotanty, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $95,000 for the purpose of paying the cost of acquiring certain real estate caa Lorain Road as a site for the expansion of the City Building Complex, and to the extent necessary to pay not to exceed one year's interest on such bonds or notes isstaei in anticipation thereof. Section 2. That said brands shall be dated approacimately October 1, 1973, shall bear interest at the estimated rate of six per centum (fi~i) per annum, payable seem.-annually, until the principal sum is paid, and shall mature in nineteen substantially egos]. annual insta3.lments after their issuance. section 3. That for the purpose of raising money in antieipatioa~ of the issuance of the aforesaid bonds it is hereby declared necessary to issv~e and there shall be issued notes of said City in the principal amount of $95,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding five per centum (~,) per awsum~ payable at maturity, and at such rate after merity not excmZed- ing eight per eentum (~9b) per aYanum, ass 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 sigaed by the Mayor and Director of Finance and bear the seal of the corporatiaen. 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 F3.narice for investment in the Bond Retirement Fund, such Hates 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 from such sale, except any premium and accrued interest, shall be paid into the propex fund and used for the purpose aforesaid and for no other purpose.