68-184 Ordinance - Laserfiche WebLink

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iL CITY OF NORTH OLMSTED ORDINANCE N0. ?g- 10WAT BY )23?2 L(?.,o t- ? AN ORDINANCE AtTl'HORIZING THE ISSUANCE OF A NC1I'E IN ANTI- CIPATION OF THE ISSUANGE OF BONDS AND OF THE LEVX AND COLLECTION OF SPECIAL ASSESSMENTS TO PAY THE COST OF INSTALLTNG SIDEWALKS IN VARIOUS AREAS OF THE CI'TY., AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 67-244 passed October 17, 1967, a note in the amount of $9,600 and dated November 15, 1967, was heretofore issued for the purpose hereinafter mentioned, which note matures on November 15, 1968; and WHEREAS, this Council has now determined to issue a new note and retire the presently outstanding note with the proceeds thereof; and WIiEREAS, the fiscal officer of the City has certified the maximum maturity of such bonds to be five years, and of such notes to be five years from the date of issuance of the original note, to wit: November 15, 1972, if sold publicly, or one year if sold at private sale; NOW, 'I'HEREFORE, BE 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 $9,600 in anticipation of the collection of special assessments to pay the cost of installing sidewalks in various areas of the City where property owners have failed to comply with notices to construct such sidewalks, which sidewalks are described in Resolution No. 67-101 adopted March 21, 1968. Section 2. That said bonds shall be dated approximately November 1, 1969, shall bear interest at the estimated rate of four per centum (4%) per annum, paya.ble semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual instalZments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds and in anticipation of the levy and collection oi' special assessments for the above described improvement and to retire the outstanding note issued for such purpose, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $9,600. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of three and eighty-hundredths per centum (3.80%) per annum, such interest to be payable at maturity. Said note shall be dated 1Vovember 15, 1968, and shall mature on or before November 15, 1969. Said note shall be signed by the Mayor and by the Director of Finance, shall bear the corporate seal of the City, shall be payable at the office of The National City Bank of Cleveland, Cleveland, Ohio, and shall express on its face the purpose for which it is issued and that it is issued pursuant to -this ordinance. Section 5. Subject to the rejection of such note by the Director of Finance for in-.?estment in the Bond Retirement Fund, such note is hereoy awarded and sold to The National City Bank of Cleveland at par and accrued interest. The proceeds from such sa1.e, except any premium and acerued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited in the Bond Retirement Fund. Section 6. Said note shall be the fu1.l general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anti- cipated by said riote and any excess funds resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note at maturity, together with interest thereon, and are hereby pledged for such purpose.