Laserfiche WebLink
• _ '~ „~. <br />~` <br />v' <br />CITY OF NORTH OLMSTED <br />ORDINANCE N0. ©-/ J <br />G ' <br />BY <br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF <br />NOTES IN ANTICIPATION OF THE. ISSUANCE OF BANDS <br />FOR THE PURPOSE OF PURCHA~"ING A RE'FtJSE PACKER <br />TRUCK, AND DECLARING AN EMEI~ENCY. <br />WHEREAS the Director of Finance, as fiscal officer of the City, has here- <br />tofore certified the estimated life of the property and the maximum maturity of <br />the bonds and notes propt~sed to be issued; <br />NOW, THE~F'ORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLA4STED, <br />CUYAHOGA COUNTY, OHIO: <br />Section 1. That it is hereby declared necessary to issue bonds of the City <br />of North Olmsted. in the principal sum of ~~,500 for the purpose of purchasing <br />a refuse packer truck . <br />Section 2. That said bonds shall be dated approximately September 1, 1971, <br />shall bear interest at the estimated rate of six per centum (6y~j per annum, <br />payable semi-annually, until the principal sum is paid, and shall mature in <br />five substantially equal installments after their issuance. <br />Section 3. That for the purpose of raising money in anticipation of the <br />issuance of the aforesaid bonds, it is hereby declared necessary to issue and <br />there shall be issued notes of said City in the principal amount of $2+,500. <br />Section ~+. That such anticipatory notes i.n the amount aforesaid shaJ1 bear <br />interest at such rate not exceeding seven per centum per annum as may be fixed <br />by the Director of Finance in his award of said notes at private sale, such in- <br />terest to be payable at maturity, and may bear a penalty rate of interest of <br />eight per centum if default is made in payment of the notes at maturity. Said <br />notes sha11 be dated as of the date of their issuance and shall. mature one year <br />from such date. Said notes shall be signed by the Ms-yor and by the Director of <br />Finance, shall bear the corporate seal of the City, shall be payable at the <br />office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express <br />on their faces the purpose for which they are issued and that they are issued <br />pursuant to this ordinance. Said notes may be payable in Federal Reserve .funds <br />of the United States of America if requested by the purchaser. <br />Section 5. Subject to the rejection of such notes by the Director of Finance <br />for investment in the Bond Retirement Fund, such notes shall be sold by the <br />Director of Finance at private sale at an interest rate not exceeding that <br />authorized by Section ~+ of this ordinance and for not less than par and accrued <br />interest. The proceeds frown such sale, except any premium and accrued interest, <br />shall be paid into the proper fund and used for the purpose aforesaid and for no <br />other purpose. Any premium and accrued interest shall be deposited in the Bond <br />Retirement Fund. The City covenants that the proceeds of said notes shall not <br />be invested or used in such manner that the notes would be an "arbitrage bond" <br />for the purpose of Section 103(d)(1) of the Internal Revenue Code of 195+. <br />Section 6. Said notes shall be the full general obligation of the City and <br />the full faith, credit and revenue of such City are hereby pledged for the prompt <br />payment of the same. The par value to be received from the sale of the bonds <br />anticipated by said notes and any excess funds resulting from the issuance of <br />said notes sha11 to the extent necessary be used only for the retirement of said <br />notes at maturity, together with interest thereon, and are hereby pledged for <br />such purpose . <br />-~~, <br />