77-092 Ordinance - Laserfiche WebLink

Home Browse Search

~ AN CITY OF NORTH OLMSTED ORDINANCE N0. 7~ Z BY ~' i~~ l~i% AN 0 TNANCE AUTHORIZING THE ISSUANCE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS TO PURCHASE MOTORIZED VEHICLES AND EQUIPMENT FOR THE DEPARTMENT OF PUBLIC SERVICE, AND DECLARING AN EMERGENCY . WHEREAS, the fiscal officer of the City has certified the maximum maturity of 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 $332,000 for the purpose of providing funds to purchase motorized vehicles and equipment for the Department of Public Service, and to the extent necessary to pay not to exceed one year's interest on such bonds or notes issued in anticipation thereof. Section 2. That said bonds shall be dated approximately September 1, 1978, shall bear interest at the estimated rate of six per centum (6%) 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 raising money in anticipation of the issuance of the aforesaid bonds, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $332,000. Section 4. That such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding six per centum (6%) per annum, payable at maturity, and at such rate after maturity not exceeding eight per centum (8%) 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 as of the date of their issuance, shall mature one year from such date, and shall be in such denominations as may be requested by the purchaser. Section 5. Such notes shall be signed by the Mayor and Director of Finance and bear the seal of the corporation. They shall be payable in Federal Reserve funds of the United States of America at the main office of National City Bank, Cleveland, Ohio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of such notes by the Director of Finance for investment in the Bond Retirement Fund, such notes shall be sold by the Director of Finance at private sale at an interest rate not in excess of that specified in Section 4. 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 shall be deposited in the Bond Retirement Fund.