68-116 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDIlVANCE N0. By 1?(h ?,c,??' AN ORDINANCE PROVIDING FOR THE ISSUANCE OF A NOTE TN THE AMOUNT OF ONE HUNDRED THOUSAND DOLLARS IN ANTICIPATION OF CURRENT REVENUES FOR THE FISCAL YEA.R 1968 TO BE RECEIVED FROM THE NEXT IIVSUING SEMI-ANNUAL SETTLENIEDTT OF TAXES OTHER THAN TAXES TO BE RECEIVED FOR THE PAYMELVT OF DEBT CHARGES, AND DECLARING AN FMEFZGENCY. WHEREAS, this Council has requested the Director of Finance, as fiscal officer of the City, to issue his certificate as to the maxunum maturity of the note hereinafter referred to, and the Director of Finance has certified to this Council such maximum maturity as six months; and WHEREAS, the amount estimated to be received from the next ensuing semi-annual settlement of taxes for the fiscal year 1968, namely, the second ha7.i' settlement, other than taxes to be received for the payment of debt charges and less all advances thereon, is at least $_?Q3 p pr' ; and WHEREAS, Council has determined that there is urgent present need for funds of the City to be used for the purposes for which the aforesaid revenues are collected and appropriated, and deems it necessary to borrow One Hundred Thousand Dollars ($100,000), and to issue a note evidencing such borrowing upon the terms herein set forth; NOW., THEREFORE, BE IT ORUAINED by the Council of the City of North Olmsted, State of Ohio: Section l. That it is hereby determined to be necessary to borrow the sum of One Hundred Thousand Dollars ($100,000) in anticipation of the col- lection of current revenues in and for the fiscal yeax 1968 to be received from the next ensuing semi-annual settlement of taxes for such fiscal year, namely, the second half settlement, other than taxes to be received for the payment of debt charges, and to issue a note to evidence such borrowing. Section 2. That such note shall be dated the date of issuance thereof, shall bear interest at the rate of three and ninety-five hundredths per centum (3•95%) per annum, payable at ma.turity; sha1.1 mature on or before December 20, 1968, and shall be payable at the office of The National City Bank of Cleveland, Cleveland, Ohio. For the payment of the principal and i.nterest of said note the sums to be received from the current revenues anticipated by said note axe hereby appropriated for the payment of the principal thereof and interest thereon at maturity. Section 3. Said note shall be executed by the Mayor and Director of Finance, and sha11 express on its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 4. That said note shall be first offered to the Director of Finance of said City as officer in charge of the Bond Retirement Fund, and if not taken by him shall be and hereby is awarded and sold to The National City Bank of Cleveland, Cleveland, Ohio, at par and accrued interest, if any. The proceeds of such sale sha11 be paid into the proper fund of the City, and shall be used for the purpose for which the revenues anticipated thereby axe collected and appropriated. Section 5. That for the purpose of providing the necessaxy ftiznds to pay the interest on the foregoing note promptly and when and as the same fa11s due, and also to provide a fund sufficient to discharge said note at maturity,