70-061 Ordinance - Laserfiche WebLink

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~~ - 2 - .r ?r - ~, r annum, as may be fixed by the Director of Finance in his award. of said notes at private sale. Such notes shall be dated March 27, 1970, shall mature on July 27, 1970, 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 corporation. They shall be payable in Federal Reserve funds of the United States of America at the main office of the l~aticsna]. City Bank of Cleveland, Cleveland, Ohio, and shall express upon their faces the pur- poses for which they are issued and that they are insured 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 eight per centum per annum. The proceeds froam such sale, except any premium and aceru~ed interest, shall be paid into the proper Hand and used for the purpose aforesaid and far no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 7. Said notes shall be the full general obligations of the City and the full faith, credit and revenue of suach City are hereby pledged for the prcamrpt payment of the wane. The par value to be received frcam the sale of the bands anti- cipated by said notes and any excess funds resulting from the issuance of said notes sha11 to the extent necessary be used only far the retirement of said notes at maturity, together with interest thereon, and are hereby pledged for such purpose. Section 8. AJ.l assessments collected for the improvement aforesaid and any unexpended balance in the 3aaprovement fund after all costs and expenses of such improvement have been paid, shall be applied to the went of said notes and the interest thereon until both are fully provided for. Section 9. In the event that such assessments are not levied or bonds are not issued to provide a Rand for the payment of said notes at maturity, a general tax shall be levied against alt of the property in said City for the payment of such notes and the interest thereon. Section 10. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent to and in the issuing of said notes in order to make the same legal, valid and binding obligations of the City of North Olmsted have happened, been done and performed in regular and du,e form as required by law and that no limitation of indebtedness or taxation, either statutory or constitutional will have been exceeded in the issuance of said notes. Section 11. The Clerk of Council is hereby authorized and directed to for- ward acertified ecrpy of this ordinance to the County Auditor of Cuyahoga County. Section 12. This ordinance is hereby declared to be an eanergeney measure necessary for the preservation of the public peace, welfare and safety of this City, and for the further reason that the immediate issuance and sale of the notes herein authorized is necessary to provide Rinds with which to retire a presently outstanding note and thereby protect the credit of this City; wherefore, this ord3..nanee shall take effect and be in force immediately upon its passage and ap- proval by the Mayor. PASSED ; ~/~~c.c,.,,L/%O :1970 ATTEST; ` ~y f Nora T. Hi1~, C~.e~ of Council , De Lampert, AppRp~~ 3/~Q /7G Acting President Pro Tem E. Chr s ,Mayor n