71-119 Ordinance - Laserfiche WebLink

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W[D;REAS, the fiscal of'f'icer of the City has certified his estimate of the life of usef~u].neas of the property and movement hereinaf ter mentioned and the maximum maturity of brands anticipated and to the notes herein authorized, basing said mat~ities upon certain allocations of the amounts proposed to be e d for the several classes of imisrovements included in said issue of brands and notes, which allocations this Council hereby approve and confirm; NOi!T, THE~EI~RE, BE IT O~TNP~D by the Council of the City of North Olmsted, C~ga County, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of 5~2O~,0()0 for the purpose of providing f'und.s to purchase certain real estate and the building thereon for use by the Safety Department and Service Department of the City. Section 2. That said bond$ shall be dated approximately June 1, 1872, shall bear interest at the estimated rate of five and one-half per cantos (5-1~~-) per , payable semi-annually, until the principal sum is paid, and sha11 mature in twenty-one substantial- ly equal annual. installments after their issuance. Section 3. That for the purpose of raising money in antic- ipation 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 $205,000. Section ~+. Such anticipatory notes shall bear interest at the rate of three and one-quarter per centum (3-l~~r} per annum, pay- able at maturity. Such notes shall be dated the date of issuance, shall mature on or before 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 corpc-ration. They shall be payable at the main office of the National. City Bank of Cleveland, Cleveland, Ohio, and sha11 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 be and hereby are awarded and sold to the National City Bank of Cleveland, Cleveland, Ohio, at the par value thereof. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for