68-123 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED oxnzrranrcE Na. 3 c ? 11) -} BY f ? ? AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE COST OF CONSTRUCTING, EQUIPPING AND FURIVISHING A FREE PUBLIC LIBRARY BUILDING AND IlMR'ROVIIVG THE SITE THEREOF, AND DECLARIIVG AN EMERGENCY. WHEREAS, the Director of Finance, as fiscal officer of the City, has heretofore certified the estimated.life of the property and the ma.ximum maturity of the bonds and notes proposed to be issued based upon the weighted average of expenditures for the several classes of improvements set forth in his certificate, which allocation is hereby confirmed and satisfied; NOW, THEREFORE, 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 $23,600 for the pur- pose of paying part of the cost of constructing, equipping and furnishing a free public library building and improving the site thereof. Section 2. That said bonds shall be dated approxim,ately August l, 1969, shall bear interest at the esti.mated rate of four and one-half per centum (4-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in twelve substantially equal annual install- ments after the3.r 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 $23,600. Section 4. That such anticipatory note in the amount aforesaid shall beax interest at the rate of three and ninety-hundxedths per centum (3.90%) 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 Fi.nance, shall bear the corporate seal of the City, sha.ll 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 investment in the Bond Retirement Fund, such note shall be and hereby is awarded and sold to The Na,tional City Bank of Cleveland, Cleveland, Ohio, at the par value thereof. The proceeds from such sale, except any accrued interest, sha11 be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any accrued interest shall 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 axe hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said note and any excess funds resutting 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. Secta.on 7, During the year or years such note runs there shall be levied on all the taxable property in the City of North Olmsted in addi- tion to a11 other taxes, a direet tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such notes.