76-009 Ordinance - Laserfiche WebLink

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i~ ~:. CITY OF NORTH OL~M~S.T•ED~ ORDINANCE N0. y~--~ By ~. ~,~.,~..,~ AN ORDIN CE AUTHORIZING THE ISSUANCE OF $210,000 RENEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING PART OF THE CE?ST OF CONSTRUCTING A POLICE ADMINISTRATION BUILDING AND CLEARING, LANDSCAPING AND OTHERWISE IMPROVING THE SITE THEREOF. WHEREAS, there is now outstanding an issue of $310,000 Police Admin- istration Building Notes, dated April 4, 1975, maturing April 2, 1976 issued pursuant to Ordinance No. 75-15, passed March 4, 1975, which notes constitute the renewal of part of the original $460,000 notes dated April 5, 1973 which were issued for the purpose hereinafter set forth; and WHEREAS, there is available the sum of $100,000 which Council has determined to apply against the principal amount of the outstanding notes, and Council has further determined to issue the notes herein authorized to provide the remaining funds necessary to retire the outstanding notes at their 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 $210,000 for the purpose of paying part of the cost of constructing a police administration building and clearing, landscaping and otherwise improving the site thereof. Section 2. That said bonds shall be dated approximately April 1, 1977, 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 twenty substantially equal annual installments after their is- suance. 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 notes, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $210,000. 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 (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 April 2, 1976, shall mature on April 1, 1977, 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.