62-012 Ordinance - Laserfiche WebLink

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Ordinance No. 62 - /~ Page 2 Section 2: That said bonds shall be issued in the principal sum of Fifteen Thousand Dollars ($15,000.00) for the purpose aforesaid; shall be dated approximately February 1, 1963; shall be issued in denominations of One Thousand Dollars ($1,000.00) each and numbered from one (1) to fifteen <15), both inclusive, and shall bear interest at the estimated rate of four per cent (4%) per annum, payable semi-annually on the 1st day of June, 1st day of September and the 1st day of March of each year beginning September 1, 1963 until the principal sum is paid, and shall mature in ten (10) annual installments after their issuance, upon presentation and surrender of the proper coupons which shall be attached to said bonds; provided, however, that if said bonds are sold bearing a different interest than herein specified, said bonds shall bear the interest 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: $1,000.00 February 1st in the years 1964 through 1968, inclusive; $2,000.00 December 1st in the years 1969 through 1973, inclusive. Section 3: That 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 improve- ment, it is hereby declared necessary to issue and there shall be issued a note of said City in the amount of Fifteen Thousand Dollars ($15,000.00). Section 4: Such anticipatory note shall bear in- terest at the rate of 2 % per annum, such interest to he payable at maturity. Such note shall be dated March 1, 1962 and shall mature on or before March 1, 1963, and such note shall be desig- nated "Canterbury Road Sidewalk Improvement Note". Section 5: The note heretofore referred to shall be executed by the Mayor and shall bear the seal of the Municipal Corporation; it will be payable at the North Olmsted Branch of The National City Bank of Cleveland in the City of North Olmsted, Ohio, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to the provisions of this Ordinance. Section 6: All assessments collected for the im- provement aforesaid, and any unexpended balance remaining in the improvement fund after the costs and expenses of said improvement have been paid, shall be applied to the payment of said note _t and the interest thereon until both are fully provided for. ~' Section 7: That such note shall be first offered to the Director of Finance of the City, the officer in charge of the Bond Retirement Fund, and. if it shall not be taken by said officer, shall be and hereby is awarded and sold to The National City Bank of Cleveland North Olmsted Branch and the proceeds from such sale shall be paid into the proper fund and used for the purpose aforesaid for which. purpose said money is hereby appropriated. Any premium and accrued interest, together with capitalized interest, if any, shall be transferred to the Bond Retirement Fund to be applied in payment of princit~al and interest of said note in the manner provided by law„