2669 Ordinance - Laserfiche WebLink

Home Browse Search

CITY OF NORTH OLMSTED ORDINANCE N0. _~___7 By Mr. AN ORDINANCE +I'0 PROVIDE :i+'OR THE ISSUANCE OF NOTES IN ANTICIPATIO~t OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING THE COST OF PLANS, SPECIFICATIONS AND OTHER. PRELIMINARY COSTS INCIDENT TO AND REQUISITE PQ8 THE CONSTRUCTION OF A SEWAGE COLLECTION SYSTE,~i AND SEWAGE TREAT- MENT PLANT FOR THE CITY OF NORTH OLMSTED, AND DECLARING AN EMERGENCY. WHEREAS, Council of the City of North Olmsted has pursuant to authority granted by Revised Code Section 727.311 determined the necessity of constructing a system of sewerage for the City of North Olmsted and has after due notices and hearings levied a preliminary assessment in the aggregate amount of $205,700 to pay the co$ta of plans, specifications, estimates of cost and other anticipated charges preliminary to the actual constructing and financing of construction of such sewerage system and has deter- mined.. to issue bonds of the City in anticiaation of the collection of such assessments and to issue notes in anticipation of the issuance of such bonds; I10W, THEREFORE, BE TT ORDAINED by the Council of the City of North Olmsted, State of Ohio: Section l: That it is hereby declared necessary to issue bonds of the City of North Olmsted in the principal sum of X205,700 for the purpose of paying the cost of general and detailed plans, specifications, estimates of cost, preparation of tentative assessments and the cost of financing and legal services incident to the preparation of such plans and of a plan of financing for construction of a system of sewerage and sewage treatment plant for the City of North Olmsted in the manner provided in Ordinance No. 2b13 passed December 30, 1957, which bonds shall be issued in anticipation of the collection of the preliminary assessment for such Durpose heretofore levied. Section 2: That said bonds shall be dated approximately April 1, 1959, shall bear interest at the estimated rate of three and one-half per centum per annum, payable semi-annually until the principal sum is paid, and shall mature in twenty substantially equal installments after their issuance. Section 3: 'ihat for the purpose of raising money in anticipation of the levy of special assessments and of the issuance of the aforesaid bonds for the above described purpose, it is hereby declared necessary to issue and there shall be issued notes of said City in the aggregate amount of X205,700. Section 4: That such anticipatory notes in the amount of the aforesaid shall bear interest at a rate not exceeding three and one-half per centum per annum, such interest to be payable at maturity. Such notes shall be dated as of the date of issuance and shall mature on or before one year from said date of issuance and shall be executed and delivered in such denominations as may be requested by the purchasers thereof. Section 5: Such notes shall be executed by the Mayor and Auditor and shall bear the seal of the corporation, shall be payable at The National City Bank of Cleveland, North Olmsted office, North Olmsted, Ohio, and shall express upon their face the pvrrpose for which they are issued and that they are issued pursuant to this ordinance. Section 6s All assessments collected for the purposes aforesaid, and. any unexpended balance remaining in the sewer planning fund. after the costs and expenses thereof have been paid, shall be applied to the payment of said notes and the interest thereon until both are fully provided. for. Section 7: That said notes s~17-first be offered to the City Treasurer as officer in charge of the Bond Retirement Fund, and if said notes are rejected by such officer, the City Auditor is hereby authorized and directed to sell the same at private sale at such interest rate, not exceeding that specified in Section 4 hereof, as he shall negotiate in his private sale proceedings. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said notes are being issued under the provisions of this ordinance. Any premium and accrued interest shall be transferred into the Bond Retirement Fund to be applied in payment of the principal and interest of said. notes in. the manner provided.