69-113 Ordinance - Laserfiche WebLink

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? . CITY OF NORTH OLMSTED ORDINANCE N0. &q...JJ'3 BY ? AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PURCHASING SIX NEW BUSES FOR USE IN THE OPERATION OF THE NORTH OLMSTED MUNICIPAL COACH LINE? AND DECLARING AN EMERGENCY. WHEREAS, the Director of Finance, as fiscal officer of the City, has hereto- fore certified the estimated life of the property and the maximum maturity of the bonds and notes proposed to be issued; NOti1, THEREFORE, BE IT ORDAINED by the Cou.ncil 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 $187,100 for the purpose of purchasing six new buses for use in the operation of the North Olmsted Municipal Coach Line. . Section 2. That said bonds shall be dated approximately May l, 1970) shall bear interest at the estimated rate of five per centum (5%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in five substantially equal annual installments after their issuance. Section 3. That for the purpose of ra.ising 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 $187,100. Section 4. That such anticipatory note in the amount aforesaid shall bear interest at the rate of Four and nine-tenths per centum (4.) per annum, such interest to be payable at maturity. Said note sha11 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 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 investrnsnt in the Bond Retirement Fund, such note is hereby awarded and sold to The National City Bank of Cleveland at par and accrued interest. The proceeds from such sale, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest sha,ll be deposited in the Bond Retirement Fund. Section 6. Said note shall be the fu11 general obliga.tion of the City and the full faith, credit and revenue of such City a.re 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 resulting from the issuance of said note shall to the extent necessary be used only for the retirement of said note a.t maturity, together with interest thereon, and are hereby pledged for such purpose. Section 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 addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of such note.