77-185 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. 7~~---~~ By i~~,~„ AN ORDINANCE AUTHORIZING THE ISSUANCE OF RENEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE TRAFFIC CONTROL SIGNS, AND DECLARING AN EMERGENCY. WHEREAS, there is now outstanding a $40,000 Traffic Control Note, dated December 30, 1976, maturing December 30, 1977, issued pursuant to Ordinance No. 76-100, passed August 17, 1976; and WHEREAS, there is available the sum of $22,000 which Council has determined to apply against the principal amount of the outstanding note, and Council has further determined to issue the notes herein authorized to provide the remaining funds necessary to retire the outstanding note at its maturity; and WHEREAS, the fiscal officer has certified to the maximum maturity of the bonds anticipated and to the notes herein authorized; 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 $18,000 for the purpose of providing funds to purchase traffic control signs. Section 2. That said bonds shall be dated approximately July 1, 1978, shall bear interest at the estimated rate of six and one-half per centum (6-1/2%) per annum, payable semi-annually, until the principal sum is paid, and shall mature in ten substantially equal annual 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 improvement and to provide funds for the retirement of the aforesaid outstanding note, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $18,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding eight per centum (8%) per annum, payable at maturity, with provision, if requested by the purchaser, that in the event of default in the payment of principal of such notes at maturity, the same shall bear interest at a rate not exceeding eight per centum (8y) per annum, as may be fixed by the Director of Finance in his award of said notes at private sale. Such notes shall be dated December 30, 1977, shall mature on or before December 30, 1978, and shall be in such denominations as may be requested by the purchaser.