68-073 Ordinance - Laserfiche WebLink

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CITY OF NOFtTH OLMSTED ORDINANCE N0 . By- _ :?It , * AN ORDINANCE AUI'HORIZING THE ISSUANCE OF BONDS BY THE CITY OF NORTH OT,MSTED FOR THE PURPOSE OF PAYING THE CI`1'Y'S SHARE OF THE COST Og RESURFACING LORAIN ROAD (S.R. 10) IN COOPERATION WITH THE DIRECTOR OF HIGii- WAYS OF THE STATE OF OHIO, AND DECLARING AN IZIERGENCY. WHEREAS, a note in the amount of $43,000 was authorized pursuant to Ordinance iVo. 67-192 in anticipation of the bonds herein authorized, which note matures on July 20, 1968; and WHEREAS, the Director of Finance, as fiscal officer of this City, has hereto- fore certified the estimated life of the property and the maximum maturity of the bonds proposed to be issued, IdOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the City of 1Vorth Olmsted in the principal sum of $43,000 for the purpose of paying the City's share of the cost of resurfacing Lorain Road (S.R. 10) in cooperation with the Director of Highways of the State of Ohio. Section 2. Said bonds shall be issued in the principal amount of $43,000 for the purpose aforesaid. The said bonds shall be dated June 1, 1968, shall be issued in the denomination of $1,000 each, shall be numbered £rom 1 to 43, both inclusive, and shall bear interest at the rate of five per centum (5i) per annum, payable semi - annually on the first day of June and the first day of December of each year beginning June l, 1969, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if the bonds are sold beaxing a diPferent rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $5,000 on December 1 in each of the years from 1969 to 1971, inclusive; and $4,000 on December 1 in each of the yeaxs from 1972 to 1978, inclusive; which maturities are hereby determined to be in substantially equal annual install- ments. Section 3. Said bonds shall be executed by the Mayor and Director of Finance and shall bear the corporate seal of said City. Interest coupons attached to said bonds shall bear the facsimile signature of the Director of Finance printed or litho- graphed thereon. They shall be designated "Lorain Road Resurfacing Bonds", and shall be payable in lawful money of the United States of America at the main office of The National City Bank of Cleveland, Cleveland, Ohio. Section 4. For the purpose of providing the necessary funds to pay the inter- est on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund sufficient to dischaxge the said serial bonds at maturity, there shall be and is hereby levied on all ta,xable property in the City of North Olmsted, in addition to all other taxes, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay the interest upon said bonds as and when the same falls due, and also to provide a fund for the discharge of the principal of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Constitution of Ohio.