75-221 Ordinance - Laserfiche WebLink

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~,_.. CITY OF NORTH OLMSTED ORDINANCE N0. .~%,2.a~ By _ cL~~ AN ORDINANCE AUTHORIZING THE ISSUANCE OF RENEWAL NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR THE ACQUISITION OF REAL ESTATE NEEDED FOR THE EXTENSION OF BROOKPARK ROAD. WHEREAS, pursuant to Ordinance No. 73-144, passed November 20, 1973, a note in the amount of $55,000 was issued for the purpose set forth in Section 1 hereof, which note matured on December 27, 1974 and was re- tired with the proceeds from the sale of an issue of $55,000 notes authorized by Ordinance No. 74-153, passed December 17, 1974, which notes mature on December 23, 1975; and WHEREAS, this Council has determined to issue the $55,000 renewal notes herein authorized, the proceeds of which will be used to retire the out- standing notes at maturity; and 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 $55,000 for the purpose of providing funds for the acquisition of real estate needed for the extension of Brookpark Road, 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 December 1, 1976, 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 and to provide funds for the retirement of the aforesaid notes maturing December 23, 1975, it is hereby declared necessary to issue and there shall be issued notes of said City in the principal amount of $55,000. 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, 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 December 23, 1975, shall mature on December 23, 1976, 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 µpon their face the purpose for which they are issued and that they are issued pursuant to this ordinance.