2909 Ordinance - Laserfiche WebLink

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crTr oF xaRrx W12M CRDIlNANCE g0. 2909 .....?_...... By AN aIRDINANcs PRaVInING FOR THZ IssuaME Or NOM WR OM c= cW NWs aMM zN ArrzCIPATuM W zRa zSaUAMM a? BOM 70 THZ FMtPOS8 EF Cfilst&tCTING AND VMTSYQ A 9StYM %ARM Fdt THE G= I1i' THS CITY FdRICj, .AND MI.OM TAE UGE3SIi`'S M TSE IS3IIAME #W BODS FER 3UM p"WPQBB. WHEUAS., t2e Serviee Dire,ator has d3rected tc the atteutiari of Gvumil of the prvpoaed construct3.oa of a 3ervi.ca aarage ia the Gity Fark as being reqg3rsd for greater proteatios of equipmant @f the City sad ta ait'mcd space fmr the aervici.ng of said vehi.cles., anl WHOtEAS,t the pr4goeeed p7.ans for the 5erviae Garage had been subm3.tted to the Pl,ianning Gommiasi0a whieh ccmm,i.ssioa apgroved aaid plana ant the locatiaa for the proposed eomstructioa of asid propoaed Service Garage and repFrrt,ed its approval to the Conncil of the City,and E ., Council ha,s givea thorough caus3.deratiun for the need and found smh abuilding to be nsecaessarp, and also approved the propgeed plane t'ar said atructgref and WHERWO it 3.s eatimatsd that the cast cP said 3srvice Garage together w3.th all enginee+ri.ng,. interest sad lsgal expenaes voiLU be approsi'ate22y Tan Thousaad Dollara ($19:000•04),j vhi.ch Council de asd'rou].d be finns" b,y* the issuance of not?s in auticigation of the 3.ssnanee of bonda in tha ammunt ot Ton Thonsand Dbllars ($10,4000•00)9 an3 WHE[i,M$ CawEC31 has luaretotore requesteel the City Auditor to issue hi.s eerti.ficate as to the estimateat 133a of the irproPenwit tc> be caastruct+rd firom t?ae prooeada of the boWa hereinaft?er referrred tc aud of the aotes to be ismieci ia anticipation mf aaid boads,, and ss t,c? the ma3dom matvrii?y of sloh bmWa and notes$, and the City Auci3.tor haa certifiad ta thU Gouncil auah estinatad lite ss aacaeeding five years and has f'urther certif3ea3 the marinum maturity of such bonda aa tan years aryd such notes as one year. NOW., THIREFCREs BE ST tRD,AIM by the Comscil of the City of Ne?rth Elmsted,, State of Qhiat Seet3.on lt It i.s deemel neceasarg tc> issue tbe bQAds of the City of Narth t)lmsted in the principal sm of Tea ThonaaW 1o1.].ars ($Z0A,tia0,o4) 3.u c>rdes to profride a fund i'or the purpose of coastrwtitrg a part3.aZly firepraof Sexvi.ce Garage i.a t,ha North E3lmsted Citp Park ownsd by the City fatr the pwposes of afford• ing storage facilitisa for city equipmest aad spaQe for the servi.eiag af the sams. SoCtion 2: That said bonds of the City af Nmrth 03jasted ahal7. be issued in the pr3ncipal am of Tsa Thousanid Dollare ($V3,004.00) far the purpose set forth ia 3ectioa 1 cf this ordinanee. 5aid bonda shall be ia the d???a?t3ea af tne Thou$and Dol'Laics ($10000.00)2 shall bear infisrsat at the rate of four perceat per annza., Paq'able sem3.-annua1,3y sa ths first day of 1lpril ard the t'irst day of Ootober of each year until the principal eum is Paids vpon presentation and surrender of the praper iaterest caupane wh3.ah asha,ll be att.ac&ed to said bands; gr y however, 3f aaid bonds ars sold bearing a differeat rate af interest than b:weima'bc,ve specified,$ snch boads shall bear the rate of iatera$t aa map be prov3.dad for iYs the resolntisn pmvfting the sams, aad shall be paysble at ths Nat3.anaI. City Bank of Clevelandv North almsted Branch. Sa3d bonds sha71 matvre in ten aantisl instal7.- mnts• Seatimn 3s° The Ccmnail hereby determimss it secessarr that notea ahall be issued in anti.cipation of the isase cf said bonds.