70-006 Ordinance - Laserfiche WebLink

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.~ t' iAS, there is nvw outstling a8 $1],.,280 note issued pursuant to Ordi- nance No. 68-211 for the purpose hereinafter stated, which note matures on January 29, 1970; and SAS, this Council has determined to issue a new note to provide funds to retire said outstanding note; and iAS, the fiscal officer of the City has certified the maturity of the bonds and notes proposed to be issued for such improvement; NOW, TORE, BE IT ORDeAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio; Section l: That it is hereby deelarcd accessary to issue boards of the City of North Olmsted in the principal sum of $11,280 for the purpose of paying, in anticipation of the collection of special. assessments, the property o~nsers' portion, and also to pay the City's portion of the cost of i~roving 'Rover Cuter Rciad by constructing a concrete sidewalk on the easterly aide of said street between Lorain Road and Butternut Ridge Road in accordance with F~aolution No. 68-144, adopted September 3, 1968. Of said mount, the property onaners' portion is $7,910 and the City's portion is $3,370. Section 2; That said bonds shall be dated approximately November 1, 1971, shall bear interest at the estimated rate of seven per ecntum (7~) per anraamt, payab]~e s~ti-a~anua7.ly, until the principal sum is pa3.d, and shall mature in five substantially equal annual. installments after their issuance. Section 3: That for the purpose of raising money in anticipation of the issuance of the aforesaid boards and in anticipation of the levy and coS3aeetion of special assessments for the s~bove described improvesaent and to provi&sr funds to retire said outstanding note, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $11,2$0. Section 4: That such anticipatory note in the amount aforesaid sha11 bear interest at such rate not exceeding eight per centuan ($~i) parr anmma as be fixed by the Director of Finance in his award of such note at private sale, such interest to be payable at maturity. Said note shall be dated January 29, 1970, and ahatl mature on or before January 29, 1971. Said note sha11 be sigma by the jror and by the Director of Finaacc, shall bear the corporate seal of the City, sha11 be payable. at the office of The National City k of Cleveland, Clavclsnd, Ohio, and shall express on its face the 'Pose for which 3t is issued and that it is issued pursuant to this ordinance. Section 5; Subject to the xe~ectian of such note by the Director of Finance for investment in the Bond Retirement Fund, such note shall be sold at private sale by the Director of Finance for not less than par and accrued interest arid. at an interest rate not exceeding ~ per annum. 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 ancrued interest shall be deposited in the Bond Retirement Fund. ~~r.. N ,.