76-137 Ordinance - Laserfiche WebLink

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t k CITY OF NORTH OLMSTID ORDINANCE N0. ~~~-L°~/ AN ORDINANCE AUTHORI7ING THE ISSUANCE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING ADDITIONAL FUNDS TO IMPROVE THE RECREATIONAL FACILITIES OF THE CITY BY CONSTRUCTING A BUILDING HOUSING AN ICE SKATIPzG RINK, SWIMMING POLL, TENNIS COURTS AND APPUR- TENANT FACILITIES, CONSTRUCTING A TOBOGGAN SLIDE, AND DEVELOPING AND IMPROVING THE SITE THEREFOR, AND DECLARING AN EMERGENCY. WHEREAS, this Council hereby determines that it is necessary to issue the notes herein authorized to provide additional funds to p•ay the cost of the recreational facilities improvements herein described; and WHEREAS, the fiscal officer of the City has certified as to the maximum maturity of the bonds anticipated and of the notes herein authorized, the maximum maturity of such bonds being fifteen years based on the allocation of the amounts to be expended for the several classes of improvements as set forth in his certificate, which allocation is hereby approved and confirmed; NOW, THEREFORE, BE IT ORDAINID 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 $21,000 for the purpose of providing additional funds to improve the recreational facilities of the City by constructing a building housing an ice skating rink, swimming pool, tennis courts and appurtenant facilities, constructing a toboggan slide, and developing and improving the site therefor, 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 June 1, 1977, 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 fifteen 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 $21,000. 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 the date of issuance, shall mature on June 10, 1977, and shall be in such denominations as may be requested by the purchaser.