61-162 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE N0. bl ~-~6~ BY AN ORD ANCE PROVIDING FOR THE ISSUANCE OF NOTES BY THE CITY OF NORTH OLMSTED IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF CONSTRUCTING A FIVE (s) FOOT CONCRETE PUBLIC SIDEWALK ON CANTERBURY ROAD FROM LORAIN ROAD NORTHERLY TO THE NORTHERLY CITY LIMITS WHERE NOT AI~tEADY INSTALLED AND DECIAR«- ING THE NECESSITY OF THE ISSUANCE OF BONDS FOR SUCH PURPOSE. WHEREAS, Council has requested the Director of Finance to issue his certificate as to the estimated life of the improvement to be constructed from the proceeds of the bonds hereinafter referred to and of the notes to be issued in the mticipation of said bonds and as to the maximum maturity of such bonds and notes and the Director of Finance has certified to this Council such es~• timated life as ten (10) years and has further certified the maximum maturity of such bonds as ten (10) years and such notes as six (6) months NOWT THEREFORE BE IT ORDAINED BY the Count i 1 of the City of North Olmsted State of Ohio: Section 1« That it is deemed necessary to issue the bonds of the City of North 07~sted in the principal sum of ~15~000.00 in order to prov3.de a fund for the purpose of improving and constructing in Canterbury Road five (5) foot concrete public sidewalks on both sides thereof from Lorain Road northerly to the Northerly City Limits where said public sidewalks are not already installed. Section 2: Said bonds of the City of North Olmsted shall be issued in the principal sum of X15:OO0.00 for the purpose aforesaid. These said bonds shall be dated December l~ 1961, shall be issued in the denomination of One Thousand Dollars (~1~000.00) each shall be numbered 1 «» 15, both inclusive and shall bear interest at the rate of four per cent (!~~) per annum payable semi-annually on the first day of June and the first day of December of each year beginning June 1~ 1962 until the principal sum is paid and shall mature in ten (10)annual installments after their issuances upon presentation and surrender of the proper coupons whicr; shall be attached to said bonds; provided however the said bonds are sold bearing a different interest than hereinafter specified said bonds shall. bear the interest as specified in the resolution of Council approving the award thereof and shall be payable at the National City Bank of Cleveland North Olmsted Branch. Said bonds shall mature as follows: X1000.00 December 1 in the years 1962 through 1966 inclusive X2000.00 December 1 in the years 1967 through 1971 inclusive Section 3: Council hereby determines it necessary that a note shall be issued in anticipation of the issuance of said bonds. Section 4: That such anticipatory note in the amount of ~1,5s000.00 shall be issued bearing interest at the rate of 2~ per cent per annum payable at maturity of said note and said note shall be dated as the date said note or notes are sold. and shall mature March 1: 1962. Said note or notes shall be executed and delivered. in such manner and in such denominations as may be requested by the purchaser thereof, Section 5: The note or notes heretofore referred to shall be executed by the Mayor and shall bear the seal of the municipal corporation; it or they will be payable at the North Olmsted Branch of The National City Bank of Cleveland in the City of North Olmsted and shall express upon its face or their face the purpose for which it or they are issued and that it or they are issued pursuant to the provisions of this ordinance.