73-050 Ordinance - Laserfiche WebLink

Home Browse Search

C CITY OF I~RTH OId~ISTED ORDIti~NCE NO. By ~~ -; ~" AN oRDINANf'E ALiT.~iORIZIi~ THE SSSUAtWL`E CAF $3~4, 300 NOTES II~ At~TICIPATI4N' OF TAE ISStGE OF BO]~S FOR TAE PI~tPOSE E~ AC.QUIRII~ CE~tTAIN R~.I, E$TATE ARD THE BUILDIl~G A ON DOY~t CENT Rf~D AS A SITE FOR THE E3ION OF TAE CITSC BU.Q,DIl+~G COMPT~X, ANA DECLAR]NG AN F+ME~GENCY. WFiEEtEAS, the fiscal officer of the City has certified the maximum maturity of bonds anticipated and to the notes herein authorized, the maximal maturity of the bonds being based on the weighted average of the amounts allocated to the several classes of improvements as set forth in said certificate, which alloca- tion is hereby approved; NOW, THEREFORE, BE IT ORDAIl+IED 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 $31+, 300 for the purpose of acquiring certain real estate and the building thereon on Dover Center Road as a site for the expansion of the City building complex, and to the extent necessary to pay not to exceed one year's interest on such bonds or notes issued in anticipation thereof . Section 2. That said bonds shall be dated approximately June 1, 197+, sha11 bear interest at the eati.~rated rate of five and one-half per centum (5-1~,) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twenty substantially aqua]. annual installments aftex 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 amount of $3+,300. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding five and one-quarter pax centum (5-1~) per annum, payable at maturity, and at such rate after maturity not exceedir~ eight per eentum { 8g(,) par annum, as m~-y be fixed by the Director of Finance in h3.s award of said notes at private sale. Such notes shall be dated as of the date of their issuance, shall mature one year from such date, aril. shall be in suueh denominations as me~y 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 ma~3.r office of The i~atianal City Bank of Cleveland, Cleveland, Ohio, and shall expacess upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the xe~ection 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 in excess of that specified in Section ~+. 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 accrued interest sha11 be deposited in the Bond Retirement Fvnd. The City hereby covenants that it will restrict the use of the proceeds of the notes in such m~-nner and to such extent, if any, as may be necesssyy, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute arbitrage bonds under Section 103{d) of the Intertra7. Revenue Code and the regulations prescribed under that section. The Director of ~,~~~ . .,,