72-057 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINAp'CE NO. ~i'.7 `~ . By AE' ORDINATE A'Cfl~3RTZ]1~ TgE ISSUA]iCE OF $185, a00 RE- NEWAL NOTES llT ANTICIPATIOA CN' T~ ISSNAlICE OF ]tAS FOR T8E pORP4SE OF PAYI~ THE COST CIS' ACQUIRSH('i REAL ESTATE A1rD ZETffi~~3TS IN AS A ST'TE FOR TfiE CITY' S HOSPITAL, A1iD DEfLAR2~ ASP II~RGEl~CY. WHEREAS, this Council by Ordinance No. 71-86 authorised the issuance of notes in the amount of $1.85,000, which notes mature on June 30, 1972; and WHEREAS, Council has determined to issue renewal. notes the proceeds of Which will be used to retire the outstanding notes at maturity; and WHER~'~AS, the fiscal officer of the City has certified the maximum maturity of bonds anticipated and to the notes herein authorized; NOW, FORE, BE IT ORDAlag-',the Council of the City of North Olmsted, Cuyahoga County, Ohio; Section 1. That it is hereby declared necessary to issue bands of the City of North Olmsted in the principal. sum of $].85,000 for the purpose of paying the cost of acquiring real estate and interests therein as a site for the City's hospital. Section 2. That said bonds shall be dated appmximatel3r June 1, 1973, shall bear interest at the estimated rate of six and one-ba].f per centum (6-1~2~r) Per annum, payable semi-annually, until the principal sum is paid, and shall mature in thirty substantially equal annual. installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and to provide fund$ for the retire- ment of the aforesaid notes maturing June 30, 1972, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $185,000. Section ~#. That such anticipatory notes in the amotant aforesaid shall bear interest at such rate not exceeding fotar per centum (1~yL) Per aanma, payable at maturity, and at such rate aftex maturity not exceeding eight per centum (8~,) per e-nnum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated June 30, 1972, shall mature June 2+9, 1973, and shall be in such deaami.nations 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 peyable in Federal Reserve funds of the United States of .l~eriea at the main office of The National City Bank of Cleveland, Cleveland, Ohio, a8d shall express upon their face the purpose for which they are issued and that they are is- sued pursuant to 'fahis ordinance. Section 6. Subject to the rejection of such notes by the Director of Finance for investment in the Bond Retirement Fend, 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 from such sale, except any premium and accrued interest, shall be paid into the proper farad and used for the purpose aforesaid and for no other purpose. Any premium and