73-054 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. ~'~~'"` By 1dr~__ AN ORDINANCE AUTHORIZING TSE ISSUANCE OF $186,t?OO RE- NEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF $pI1DS FOR TBE PtTRPOdE OF PAYING THE COST OF ACQUIRING REAL ESTATE AND INTERESTS TSEREIN AS A SITE FOR THE CITY'S HOSPITAL, AND DECLARING AN EMERGENCY. WHEREAS, this Council by Ordinance No. 71-86 authorized the issuance of notes in the amount of $185,000 for the purpose set forth in Section 1 hereof, which notes matured on June 30, 1972, and were retired with the proceeds from the sale of the $185,000 note issued pursuant to Ordinance No. 72-57, which note matures on June 29, 1973; and WHEREAS, Council has determined to issue the $186,000 renewal notes herein authorized, the proceeds of Which will be used to retire the out- standing note at maturity and to pra-vide additional funds to pay coats incidental to the issuance of such notes; and WHEREAS, the fiscal officer of the City has certified the maaiaum maturity of bonds anticipated and to the notes herein authorized; NOW, THEREFORE, FE 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 $i86,O00 for the gurp~e 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, 1974, shall bear interest at the estimated rate of six and one-half per centum (6-1/2X) per annum, gaysble semi-annually, until the principal sum is paid, and shall mature in thirty substantially equal annual installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and to provide funds for the retire- ment of the aforesaid notes maturing June 29, 1973, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $186,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding five and one-quarter per ceatum (S-1/4X) per annum, payable at maturity, and at such rate after maturity not exceeding eight per centum (8X) 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 June 29, 1973, shall mature June 28, 1974, and shall be in such de- nominations as say be requested by the purchaser. Section S. 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