79-076 Ordinance - Laserfiche WebLink

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ORDINANCE N0. 79-76 r BY AN ORDINANCE 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 DE- PARTMENT OF PUBLIC SERVICE, AND DECLARING AN IIMERGENCY. WHEREAS, the fiscal officer of the City ha.s certified to this Council the maximum maturity of the notes herein authorized and of the bonds in anticipation of which such notes are being issued; 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 $160,000 for the purpose of providing funds to purchase motorized vehicles and equipment for the Department of Public Service. Section 2. That said bonds shall be dated approximately June 1, 1980, 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 ma.ture in five substantially equal annual installments after their is- suance. Section 3. That for the purpose of raising money in antlcipation 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 $160,000. Section 4. Tha.t such anticipatory notes in the amount aforesaid shall bear interest at such rate not exceeding seven per centum (7%) per annum, payable at maturity, and at such rate after ma.turity 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 the date of issuance, shall mature one year from 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 ahall 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