73-144 Ordinance - Laserfiche WebLink

Home Browse Search

~.. CITY OF I~R~1 OI,I~TED ORDINAI9CE 190. .,~ ~~ ~, Mr. Boehmer AN ()RDI~ AVi'1IfJRIZI~ T11R ISStE (?F 19C9TES IN AR@ICIPATI419' 4F T~ 7~$U~AIRR:E ~' B0 Ff3Ft Tl~ Pt7Rl'4B]C t~' PROVT.AIIG FUSS Ff~ TIE AC~$1ISI- Tz4N OF RA~1L PATE >~! F41~ T$B I4N 4F BR44KPARK RCIAD~ ArtC- DECLART39lr AR >~Y. WFiR1tLAS, the fiscal officer of the City has certified the m~ maturity of bonds anticipated and to the Hates herein authorized; AFT, T.F14RE, BE IT ORDAIN 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 $~ .for the pau~ose of providing funds for the acquisition of real estate-m~~for the tension of Braokpark Road, and to the eactent necessary to pay not to exceed one year's interest on such bonds ar notes ie.sued in anticipation thereof. Section 2. That said bonds shall be dated approorinetely December 1, 1g7~+, shall bear interest at the estimated rate of five and one-ha1.f per centum (5-1296) per ann~un, payable semi-anrnxally, until. the principal snm is paid, and shalt mature in twenty substantially equal anna~al. installm~arrts after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds it is hereby declared necessary to issue and there shall be issued notes of said City in the principal an~urrt of ~ .~8L000. Section ~+. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding six and one-quarter per centum (6-1/96) per annami, payable at maturity, and at such rate after maturity not exceeding eight per ceritum ($~} per anraam, as may be fixed by the Director of Finance in his award. of said notes at private sale. Such notes shalt be dated as of the date of their issuance, sha11 mature one year from such date, aril. shall be in such dencxeinations as may be requested by the purchaser. Section 5. Such notes sha11 be signed by the I~eyor and Directox of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of Elmerica at the main office of The National City Barnk of Cleveland, Cleveland, t~io~ and sha11 egress upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of such motes by the Director of Finance for investment in the Bond Retirement F'urd, such notes aha3.l be sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Section 4. The proceeds from such sate, except ~Y' preanium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for m other purpose. At;y' premium and accrued interest shall be deposited in the Bond Retirement F~ird. The City hereby covenants that it will restrict the use of the proceeds of the notes in such maruaer and to such extent, if an6r, as msy be necessary, after taking into account reasonable expectations at the time the debt is inetarred, so that they will not constitute arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescribed