68-152 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. ?p? IJ Z BY . W 4'? AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE I1V ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PURMMING MOTORIZED EQUIPMENT FOR THE SERVICE DEPARTMENT OF THE CITY, VIZ. A GARBAGE PACKER TRUCK AND A HYT)RAULIC DIGGER, AND DECLARING .AN kMERGENCY. WFiEREAS, the Director of Finance, as fiscal officer of the City, has hereto- fore certified the estimated life of the property and the maximum ma,turity of the bonds and notes proposed to be issued; NOW? THEREFORE,, BE IT ORDAINED by the Council of the City of North Olmsted, Cuyahoga County, Ohio: Section l. That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of $69,000 for the purpose of purchasing motorized equipment for the Service Department of the City, viz. a garbage pa,cker truck and a hydraulic digger. Section 2. That said bonds shall be dated approximately October 1., 1969, shall bear interest at the estimated ra,te of four per centum (4%) per annum, payable semi-annua.lly, until the principa,l sum is paid, and shall mature in five substantially equa,l annua.l installments after their issuance. Section 3. That for the purpose of raising money in anticipation of the issuance of the aforesaid bonds for the above described purpose, it is hereby declared necessary to issue and there shall be issued a note of said City in the principal amount of $69,000 Section 4. That such anticipatory note in the amount aforesaid sha11 bear interest at the rate of three and eighty-hundredths per centum (3.80fo) per annum, such interest to be payable at maturity. Said note shall be dated as of the date of issuance and shall mature on or before one year from such date. 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 ot' 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 investment in the Bond Retirement Fund, such note is hereby awarded and sold to The National City Ba,nk of Cleveland at par and accrued interest. The proceeds from such sale, except an.y premium and accrued interest, shall be paid into th.e 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 Fund. Section 6. Said note shall be the full general obligation of the City and the full faith, credit and revenue of such City are hereby pledged for the prampt payment of the same. The par value to be received fram the sale of the bonds anticipated by said note and any excess funds resulting from the issuance of said note shall to the extent necessary be used onl.y for the retirement of said note at maturity, together with interest thereon, and are hereby pledged for such purpose.