71-086 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO . ~~.~. ~(o BY ~ ~w.~'"-' AN ORDINANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE COST OF ACQUIRING REAL ESTATE AND INTERESTS THEREIN AS A SITE FOR THE CITY'S HOSPITAL, AND DECLARING AN EMEf2GENCY . WHEREAS, this Council by Ordinance No. 70-92 passed on May 26, 1970, deter- mined it necessary to provide a program to locate a general hospital within the City and. authorized entering into option agreements for acquisition of certain properties for a site for such hospital; and WHEREAS, such options are now about to expire and it is necessary to acquire such site; and WHEREAS, the fiscal officer of the City has certified the maximum maturity of bonds and notes for said improvements; NOW, THEREFORE, 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 $185,000 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 approximately June 1, 1972, shall bear interest at the estimated rate of six and one-half per centum (6-1/2~) per annum, payable semi-annually, until the principal sum is paid, and shall mature in thirty substantially equal 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 aggregate principal amount of $185,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding seven per centum (7~) per aru~um, Payable at maturity, and at such rate after maturity not exceeding eight per centum ($~) 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 the date of their issuancQ, shall mature one year from such date, and shall be in the 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 faces the pur- pose for which they axe 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 exceeding that specified in Section ~ hereof and for not less than par and accrued interest. 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 no other purpose. Any premium and accrued interest shall be deposited in the Bond Retire- ment Fund.