61-046 Ordinance - Laserfiche WebLink

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ORDINANCE NO. ~"" AN ORDINANCE AUTHORIZING THE ISSUANt:E OF BONDS BY THE CITY OF NORTH OLMSTED, OHIO, IN ANTICIPATION OF THE COLLECTION OF PRELIMINARY ASSESS- MENTS HERL~'OFORE LEVIED FOR THE PURPOSE OF PAYING THE COST OF PLANS, SPECIFICATIONS AND OTHER PRELIMINARY COSTS INCIDENTAL TO AND REQUISITE FOR THE CONSTRUCTION OF A SEWAGE COLLECTION SYSTEM AND SEWAGE TREATMENT PLANT FOR THE CITY OF NORTH OLMSTED;, AND DECLARING AN EMERGENCY WfH';REAS, the Council of the City of North Olmsted, Ohio, has heretofore taker due proceedings pursuant to Revised Code Section 727.311 to provide funds by ~tevy of assessments for the payment of preliminary costs of sewer planning as hereinaftex° specified, has duly levied such assessments in the net unpaid amount of the bonds herein authorized, and has issued a note i:n anticipation of such bonds in the amount of $205,700, which note is about to mature; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, State of Ohio; Section 1. That it is hereby declared. necessary to issue bonds of the City of North Olmsted, Ohio, in the principal sum of $271,175, in anticipation of the collection of preliminary assessments heretofore levied for the purpose of paying the cost of plans, specifications and other preliminary costs incidental to and requisite for the construction of a sewage: collection system and sewage treatment plant for the City of North Olmsted. Section 2. Said bonds shall be issued in the principal amount of $2'(l,1"(5 f'ox° the purpose aforesaid, The said bonds shF~l.l be dated June 1, 1961, shall be issueri in the denomination of $1,000 each, except bond No. 1 which shall be of the denomi- nation of $1,175, shall be numbered from ~~~ to 2"tl, both inclusive, and shall bear interest at the rate of four per centum pear annum, payable on the first day of June and December of each year beginning June 1, 1962, until the principal sum is paid, as evidenced by the coupons attached thereto; provided, however, that if' the bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate of interest as may be provided in the resolution of Council approving the award thereof. Such bonds shall mature in their consecutive serial order as follows: $1,175 on December 1, 1962; 1+,000 on December 1 in each of the years 1963 to 1975, both inclusive; and 15,000 on December 1 in each of the years 1976 to 198o,both inclusive, which maturities are hereby determined to be in substantially equal annual instal.:lments. Section 3. That said bonds sha11 express upon their face the purpose i'or whd7.cx- they are issued; that they are issued in pursuance of this ordinance, and shall be signed by the Mayor and by the Director of Finance, provided that one of such signa~ tares may be a facsimile signature, and sealed with the corporate seal of said City or facsim~.e thereof. The interest coupons attached to said bonds shaJ1 bear the facsimile signature of the Director of Finance. ~-