61-119 Ordinance - Laserfiche WebLink

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,... - ~'' C1fiY ~' NQR,TH QLt~iSTED C,~1)INANCE NQ. 61 - !~~•~` ~, AN UT~DII~AIJCE PR(?VIDING FfIR Th'E ZSSUAt3CE GF NfYl'ES BY THE CITY aF NER.TH C1t~~TSTE17 IN ~PI'ICT[',ATI4N OF THE SSSUAI~CE GiF BANDS FQR THE PiktPOSE t}F Piki.G~iASING BUSES Ab1D Z3ECL$ftING TAE NECESS1fiY ~ THE: ISSUANCE t7F BANDS Ft~R SUCH T't~PQSE W_HEI~ AS, Co~tnci.l., by motion, has requested thr~ for of Fi.n~Qe and,/. or 1~u~iitor to issue his certificate as to the estimates ~~d, of uaef in years of buses, tires, and necessary equipment on said buss to be porch ~ '. the City in the operation of its l~us:i.cigal Coach Lira from the proceeds of bed hereinafter referred to, and of the note or Hates to be issued in anticipation of said bands, and as to the maximum maturity of sna.~ bonds and notes, and the Dir- ectar of Finance andfor Auditor has certified to dais Cowscil such estimated period of usefulness as being five years and has further certified the maximum maturity of bonds as five years and of such note or rues as six ~aoiaths~ NOW, THLAEFC~RE, BE 1.T QRDAINm by the Council of the City of Novi Qlmsted, State of Rio: Section is That it is deed necessary to issue bonds of the City of North Qlmsted a.n the principle sumi of Fifty ~xo Thousand.,pollars (~~2,C~0) in order to provide a fund for the purpose of pu~e}aasing a near buries for the North Qlmsted Municipal line Line, tires, and the specified equipment an said buses. ter' Section 2s That ssid bonds of the City of North Qlmsted shall be issued in the pr:l..nciple sum of Fifty-~'wo Thausan~ Dollars {~~2,ppQ} for the purpose aforesa3.a. Said bond~t shall bs of the denomination of On® Thousand Dol,ara (1s~0}, shall bear interest at the rate of four per cent (~,~} per ate, payable semi-annually on the first day of April and the first day o.f Ektober of each year until the principle sum is paid, upon presentation and surrender of the proper interest coupons which shal3. be attached to $a3.d bonds; provided, however, the said bonds are sold bearing a different rate of interest than hsreinabove specified, such bonds ~i.ll bear th® interest provided in the resolution providinfl; the same, and shall be payable at The National City Bank of Cleveland,. North Qlmstsd Branch. Said bonds shall mature in five annual instalLnents. Section 3: Council ?aersby determines it necessary that a note or notes shall be issued in anticipation of the issuance of sat.d bands, Section ~.: That such anticipatory note or notes i.n the amount of Fifty~Two Thousand 1)allars (~~52,000) shall be issued boasting ixrter®st not exceeding four per cent (;')'per annum payable at the maturity of sssid Note or notes and said note or notes. shall be dated as of the dzy said note or notes are sold and shall maature on January l5, 1962. Such note or notes shall be executed and delivered. in such manner and in such denominations as may be requested by the purchaser of said note or notes, Section ~: The note or Hates heretofore referred to aha.11 be ex- ecuted by the P4ayor and shall bear the seal of the municipal corporation; they shall be payable. at the Forth E~lmstsd Branch Office off' the National City Bank of Cleveland, in the City of North t}:tmsted, trio, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6: Said note or notes shall first be offered to the Director of Finance of the City, having charge of the. Bond Retirement Fund of the Cityt and so many of the same. as shall not be taken try the Director of Financ® shall be sold at private sale by the Director of Finance, but for not less than par and accru®d interest, and the proceeds from such sale exce~ot arty premium and accrued interest thereon, and the amount thereof necessary for the payment of interest prior to the maturity of saaid note or notes shall be paid into the proper fund and shall be used only for the purpose .aforesaid and for no other`