2955 Ordinance - Laserfiche WebLink

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a different rat,e af interest than hereinabovre specifieds such boade shall bear t.he rate of intsrest as my be provided for in the resolution providitg the ssme aud sball be payable ta The Natiwxial Citg Banlc of C].eveland, Nortdi fumsted bank. Said boads ahall mature in ten annua'!. 3rstal'Lment?s. Sect3.oa 3t The Comail hereby d,stermines it neeessary thst aaid note or nates shall be isaued 3si anticipat,9.an of the issuaacse of said bcands. Seation 4s That owh anticipat.ary nc>te or notes in the amouat of Thirty* Thcv.sand Dollara ($30:000.40), shall be isswed beariAg interest not exeeeding four percent (4%) per aantm,* payable at the maturity of said nots or noteaj, and ffisid n.ate cr notes shall be dst;s?ed as of the date said aote or notes are solds, and shall ma.tur8 oa T3eceabec l., 1964; $uah amte ar aotes sahall be executed and del3.vered 3.n snah manner and in such denami.naticins se may be re- qwssted by thhe pvrchassr of sa3.d note or notss. Ssction 5: The note ar ncates heretofore raferred t.o shall be axecut.ed bp the Mayvr and City Auditor and sha3.7. bear the seal 0f the stum.i.cipal corporatien; they sha'11 be payabls at the offiae of The Natioaal Citg Bank af Cleve7.and, Nvrth Olmted Branch in the Citg af Nqrth t',lmted, M3.os snd shall express vpon their £aos the purpm$e for wh3.ah they are issved and tdiat they are 3ssued pvrsuaat to th3.s ordixsanaa. Section 6: Said note or notes shaZl first be offered to the 'I'reasurer of the Gity and so many of the same an s hall not be takon by the City Treasurer eha]1 be scl+d at private aa:Le by the C3ty Aud3.tc>r bnt forr not less than par and accrusd infisrest f aad the prooeeds frm swch sale., amesgt any Fremitme and accrmed int,erest thereon and the anouat thereaf mecessary far the payment of interest primr to the maturity of said note cr notes sha].l ber paid iato the prapsr fund and ussd oaly for the purpose aforesaid and foc no other. Any Preni.m aad accrued iaterest in the amc?vnt nooessary for tle Payment cf 3nterest prior to tMdr maturity aha11 be trartsferred to the Siak;ing Funcl to be app7.iad 3n the paymnt of the pr3acipsl and 3.nterest on said nate ar natea in tlie maaxLer providad by 1ax. Seetion 7r Said note ar nates slza11 be t.he full general obligation of t,he City of North 02m.sted amd tha full faithf ared3.t abd regenve ef said City are hereby P].edged for tha proWt payment aC the aame. 2'he par value ta be re- ce3.vad f"rom the sale of bonds anticipated bT said note or notes and any excess fund resulting from the issuauce of said ncte mr notes shall to the extent neaessarY, be used orily far the retirewn,t of said aote cr notes at maturity, together w3.th interest thereon$ and ie here'by plsdged far such purpase. Seetion 8a During the yaar such note is outstanding thers sha]1 be levied on a71 the taxable property in thFa Citp of North Olmted 3.n additiaa to all ather tasss,9 a direct tax aunual7y of not less than that whiah xcu].d have been 1.ev3ed if bonds wsre iseusd W3.thont the prior issuance of sa.id note or notss. Said tax ahall be and is hereby ordsred eomputeds eartifigds levied and egtended upcn t.he t?au duplicate and co].:Lect,ed by the sama vffiQers in the saw maruier and at the sme time that taaos for general purposss Por each of said ysars are certif3.edy extendsd and aoltected* Said tac shal]. be placed before and in prefereuee to al]. @ther items and for the fu7.7, amuat t,hereof. The funcis der3.vad t'rom sa3d tax lsviss hereby required ashall be platted in a separat7e and c'istiact fw1ds vhich* together wit,h the interest Q011ected on the satne$ shall be irrevocab]y pledged for the payaent of the principal snd intsrest of said notes or t're bonds in atatiQipation of which they are issued when and as ths ssms fall due. Section 9t The Citg Clerk is hereby directed to forarrard a certif'ied capy of th3.s Qrdinanoe to the Jludf.tor of CuyaYiaga Covnty.. fh3.o. Sectian 30s Th.i.s (rd3nance is heraby declared to be an emergemcey messure necessary for the anod-i.ate preservation of the public healths peaee and safety of the City and which eawgenay exists by virtue of tha necesaity of pro- viding funds for the 3mmsdi.ate construQt3.on of an additiea to and o:P alterativn of the ex3.sting Police StatiOn affording more adeqta.ate facilitiea fcr the hoa.xsing of prisunera and in aftinisteri.ng the gerv'ices by the Police Department. -2-